At its annual winter meeting in London, the International Union of Marine Insurance (IUMI), confirmed that the global marine insurance market is continuing to support trade in the Red Sea and the Ukraine/Black Sea area.
War risk insurance premiums for shipments through the Red Sea are rising after further attacks on merchant vessels by Yemen's Houthi movement and the expectation that ships with a UK or US connection will be targeted, reported Reuters yesterday citing insurance sources.
Talks on setting up a domestic P&I entity have begun, senior officials of the Ministry of Ports, Shipping and Waterways (MoPSW) have said.
A new whitepaper published by Gallagher Re reveals that over 50% of businesses have experienced disruptions in their production networks due to extreme weather events, highlighting the fragility of global supply chains.
Several insurers are excluding war risk in marine insurance policies involving Yemen, after the Houthis who control parts of the country announced on 31 October that they would join the ongoing conflict between Israel and Hamas.
The National Agricultural Mutual Fund ( Caisse Nationale de Mutualité Agricole (CNMA), the leading agricultural insurer in Algeria.
The Jordan Insurance Federation (JIF) has joined the International Union of Marine Insurance (IUMI) on 1 November 2023, to enhance expertise and strengthen the exchange of experiences in marine insurance.
Hong Kong will co-establish the Shenzhen-Hong Kong Financial Co-operation Committee with the Shenzhen authorities in the first half of 2024, Mr John Lee, the Chief Executive of the Hong Kong Special Administrative Region (HKSAR), has said.
Cyber attacks on shipping industry in 2023 cost the target organisation an average of $550,000, a threefold increase from $182,000 in 2022 according to a new report by law firm HFW and maritime cyber security company CyberOwl.
Finance Minister Nirmala Sitharaman has said that there is a need for a full-fledged Indian-owned and India-based Protection and Indemnity (P&I) entity.