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17 Sep 2020

IUMI 2020: Parts of ocean hull still unsustainable, but Chandran is optimistic

In his introduction to the ocean hull workshop yesterday September 16th, Rama Chandran, chair of the Ocean Hull Committee and Head of Marine for QBE Singapore, said that the ocean hull market had been “operating unsustainably for many years and is now at a level where...
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16 Sep 2020

European Parliament votes to include shipping sector in 2022 carbon market

The European Parliament voted yesterday, September 15th, in favour of including greenhouse gas emissions from the maritime sector in the EU’s carbon market from 2022.  In a vote on Tuesday EU legislators said the block’s carbon market should be expanded to include emissions...
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28 Aug 2020

US sanctions China Shipbuilding Group over South China Sea dispute

The US has blacklisted 24 Chinese companies and targeted individuals it said were part of construction and military actions in the South China Sea. The move on Wednesday August 26th was its first such sanctions move against China over the waterway, which is of strategic...
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24 Aug 2020

Ida Abrahamsen departs Edge Norway AS

Ida Abrahamsen has left her position as Senior Broker at Edge Norway AS, seeking new opportunities outside of the marine insurance industry. We wish to thank Ida for her contributions to the company, as she has provided quality service to our Clients and been key to the...
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28 Jul 2020

ReCAAP: Piracy in Asian waters significantly up

The number of piracy and armed robbery incidents reported in Asian waters increased significantly in H1 2020 compared to the same period last year, reported Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP) Information Sharing...
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16 Jul 2020

Allianz outlines current shipping risk environment

Allianz has published their Safety and Shipping Review 2020, in which they report the trends and developments they have registered over the past year. This period has seen some out of the ordinary developments, which makes the report interesting reading, but there are trends we...
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01 Jul 2020

S&P rates Norwegian IG P&I clubs least volatile

Standard and Poor’s has recently affirmed Skuld’s rating of ‘A’ with stable outlook. In doing so, they also confirm that of all the members of the International Group of P&I Clubs the Norwegian clubs Gard and Skuld are the least volatile, with no other clubs at their level....
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17 Jun 2020

ITF draws a line in the sand

The International Transport Worker’s Federation (ITF) has said that enough is enough, and that the world’s seafarers will now exercise right to leave ships amid Covid-19 failures. In a press release issued 15 June ITF states that they and their affiliated unions will be assisting...
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03 Jun 2020

Risk in the Age of Disruption – Gard CRO

While conventional insurances protect against “the devil you know”, Edge promotes an approach to risk which also accounts for “the devil you don’t”. We challenge our clients to turn their view of their risk exposure upside down and consider what a...
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14 May 2020

COVID-19 will see historic losses across the global insurance industry

Lloyd’s has today 14 May 2020 issued the following press release on the projected losses to Lloyd’s and the global insurance markets:   “Lloyd’s market set to pay out up to US$4.3bn to customers. Lloyd’s, the world’s leading (re)insurance market, today revealed that it will...
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01 May 2020

Covid-19 – In insurance markets

Insurance Marine News has today published below article based on an bulletin by Peter MacDonald Eggers QC and Douglas Grant of 7KBW Chambers https://7kbw.co.uk/covid-19-bulletin-2/ Whilst many of our readers may find its content on the technical side, it has potentially a huge...
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17 Apr 2020

COVID-19 Voyage Cover

Marine insurance have predictably gone through changes in response to the outbreak of the COVID-19 pandemic. As a general rule we have seen underwriters amend the scope of their affected insurances, often limiting or excluding any incidents relating to the novel Coronavirus. We...
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25 Mar 2020

Emerging Geopolitical Threats from Covid-19

Dryad Global has said that Covid-19 will be “the defining threat trend of the year”, and that it will shape commercial and security trends within shipping, both this year and in the future. Dryad said it was key that vessels, vessel owners and the maritime community...
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20 Mar 2020

Marine Insurance Markets open for business

The outbreak of COVID-19 has become a pandemic, and most of us are affected in one way or another. But as we take the necessary precautions to weather this new and unfamiliar situation, there are crucial functions to society that cannot stop. The shipping industry is very much...
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20 Mar 2020

Lloyd’s Underwriting Room closes in response to COVID-19 outbreak

Lloyd’s Executive Committee is meeting on a daily basis to ensure quick response to developments in the COVID-19 outbreak. Last Friday, 13 March, Lloyd’s closed the Underwriting Room to test that the market could trade electronically via PPL or the emergency trading protocols....
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07 Jan 2020

Neon goes into run-off as AFG pulls out of Lloyd’s

American Financial Group, Inc. has announced that it is pulling out of underwriting in the Lloyd’s marketplace, with its Neon business there set to go into run-off. American Financial Group (AFG) said that it plans to exit the Lloyd’s of London insurance market in 2020. To...
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18 Nov 2019

AGCS to quit marine hull and liability in North America and Asia

Allianz Global Corporate & Specialty SE (AGCS) is pulling out of marine hull and liability business in North America and Asia in its marine line of business, the Allianz SE unit announced last week. The move is being taken to improve probability, the commercial insurance arm...
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20 Sep 2019

Lloyd’s Marine contraction – continued losses

Lloyd’s has reported an H1 pre-tax profit of £2.3bn, with a combined ratio of 98.8%, for the first half of 2019. This compares with a pre-tax profit of £0.6bn and a combined ratio of 95.5% for the same period last year. Gross written premiums for the first half wer...
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13 Sep 2019

Of the nine currently seized vessels, six are not in high-risk zones

There are currently nine cases of vessels that are being detained in places like Venezuela, the Stena Impero in Iran, a case in Egypt, two cases in Indonesia, Bulgaria, Ukraine and Russia, and of the countries where the current vessel seizures are taking place, six of them...
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03 Sep 2019

ArgoGlobal Syndicate 1200 to exit most hull underwriting globally

Lloyd’s insurer and Argo Group subsidiary ArgoGlobal yesterday (September 2nd) announced plans to exit most of its hull underwriting business within Syndicate 1200. It said that recently recorded combined ratios were unsustainable. Matt Harris, group head of international...
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30 Aug 2019

Britta Winkler appointed Managing Director of Edge Versicherungsmakler GmbH

We are pleased to announce that Britta Winkler has been appointed as Managing Director of Edge Versicherungsmakler GmbH with effect from 1st September, 2019 and will replace Jörn Keller. Britta joined us in 2017 as Head of Claims after working as a Senior Claims Executive for a...
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25 Jun 2019

Heightened Risk in the Gulf of Oman, the Strait of Hormuz and the Persian Gulf

On 12 May 2019 four oil tankers were attacked at anchor off Fujairah. According to a press release from the Missions to the UN of the United Arab Emirates, the Kingdom of Norway and the Kingdom of Saudi Arabia of 7 June 2019, preliminary findings from that investigation indicate...
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05 Mar 2019

Skuld moves non-P&I business from syndicate 1897 to corporate paper

Norway-based marine insurer Skuld is to move the underwriting of all its hull and offshore energy business from Skuld syndicate 1897 to the corporate paper of Skuld Assuranceforeningen through Skuld UK in London and SMA in Oslo. It said that the transfer of business from Lloyd’s...
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08 Feb 2019

B ATLANTIC style detention claims – confirmed covered under NMIP

During the latest revision of the Nordic Marine Insurance Plan, it was agreed to restrict the war risk cover to politically motivated interventions, with state interventions falling outside the war risk cover included in the marine insurance cover. The Nordic Marine Insurance...
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04 Feb 2019

Turkey accedes to IMO HK Convention on recycling

Turkey, which is one of the world’s five major ship recycling countries, has acceded to the IMO Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships 2009, which covers the design, construction, operation and maintenance of ships, and...
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