Industry Segments: P&I Page 2 / 4
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- November 11 2024
Skuld announces 5% general increase for 2025 renewal
Any adjustments to the International Group of P&I Clubs excess of loss reinsurance programme will be added separately.
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- October 31 2024
Steamship sets benchmark for P&I clubs with 5% general increase for 2025 renewal
The IG P&I club has also announced a capital distribution of 12.5% of the 2024-25 mutual P&I premium to its members who renew in 2025.
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- October 28 2024
NZ’s Maritime Mutual clarifies its coverage of dark-fleet tanker involved in fire ceases on violation of sanctions
The Lloyd's backed P&I club that is believed to be the insurer to tanker that caught fire off Malaysian coast in July, said in a statement said that no payment is made to any party to a claim it would breach international sanctions.
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- October 14 2024
India likely to provide initial funding to set up P&I entity: report
An inter-ministerial consultation process was initiated this year to create the marine insurance entity, with participation from the industry.
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- September 30 2024
Japan P&I Club announces major leadership reshuffle
Riki Yamamoto, Kyoko Sakamoto, Yoji Tanaka and Shigeru Yamada are all part of the organisational reshuffle following the split of the Tokyo underwriting department into Tokyo underwriting department I and Tokyo underwriting department II.
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- September 26 2024
West P&I promotes Cai Xuanlun to CEO for Hong Kong office
Cai replaces Robert Macnamara, who was the chief executive for the IG P&I Club in the city for 28 years, and will start in the role in December this year.
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- September 18 2024
Russian insurers provide cover for 60% of Moscow’s oil exports to India: report
Signals a growing role by Russian carriers such as Ingosstrakh to facilitate oil shipments to India, its biggest buyer, despite western sanctions.
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- September 11 2024
Low claims, growing reserves keep P&I market on steady course
Although the headline figures look strong, some of the biggest clubs have reported underwriting losses as several need to correct results, while others take a softer approach.
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- August 26 2024
Underwriting restructuring to help Korea P&I withstand severe losses: AM Best
The rating agency has affirmed the carrier's rating of B++ (good) with a stable outlook, driven by a strong balance sheet, adequate operating performance and the wide range of support it receives from the South Korean government.
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- August 5 2024
China P&I eyes South-East Asia expansion, global tie-ups for reinsurance, claims support: AM Best
AM Best has affirmed the financial strength rating of A- (excellent) for China Shipowners Mutual Club with stable outlook.
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- June 24 2024
Singapore oil spill losses set to rise as slick hits Malaysian waters
Malaysian authorities confirmed oil slick sightings at Sungai Rengit and Teluk Ramunia in Johor; while Singapore said it will seek compensation from owners of British Marine-insured Marine Honor.
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- June 18 2024
Exclusive: NorthStandard, British Marine face losses from Singapore oil spill
The loss following the dredger Vox Maxima hitting bunkering vessel Marine Honour could become an IG P&I Clubs pool claim if the dredger is found liable.
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- May 7 2024
Opinion: India’s marine insurance gambit poses questions of the West’s Russia sanctions
Indian regulator's approval to three new Russian insurers backed by the sanctioned Russian National Reinsurance points to tectonic shifts in the industry.
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- May 1 2024
Russian oil price cap ‘unenforceable’, says IG P&I
Over 800 tankers have left to join the so-called "shadow fleet", according to an International Group statement to a UK parliamentary hearing.
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- April 26 2024
India approves three new Russian marine insurers
New carriers, Alfastrakhovanie, Sogaz, VSK, and Ingrosstrakh, all backed by Russian National Reinsurance, have been allowed to provide cover to Indian shipments.
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- April 25 2024
Dali general average claims will bring new pressures for the market: TT Club
With parts of the Francis Scott Key Bridge falling onto the vessel, those who are part of GA agreement will shoulder some liability for the costs of their removal, which is likely to add to the significant losses.
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- April 1 2024
Opinion: Baltimore marine disaster serves as potent warning for Asia marine market
With rates sure to correct for the multi-billion dollar loss from the event, the region has more at stake with mega-vessels concentrating trade into fewer mega-ports, which can lead to potentially higher risks and mega-claims.
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- March 28 2024
Baltimore bridge collapse’s insured losses could hit US$4bn: report
Insured losses could total range from US$2-4bn, with 80 different reinsurers having provided cover to the Singapore-flagged container vessel's insurers, Reuters reports.
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- March 27 2024
Britannia P&I’s Bermudan reinsurers, Axa XL set to bear brunt of multi-billion-dollar Baltimore bridge collapse
The event involving Singapore-flagged Dali, which could likely be the biggest insured loss in maritime history, will increase pool layer costs and container GXL pricing next year, sources tell IAN.
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- March 22 2024
Exclusive: Hyundai Insurance and Korea P&I Club on hook after Keoyoung Sun tanker sinks off Japan coast
A total hull loss is expected for the vessel insured at U$S2.25 million and there is no estimate for the cargo loss yet, industry sources say.
