Line of business: P&I Page 4 / 5
-
- February 21 2024
P&I clubs grow APAC tonnage, focus on lower-level adjustments in February renewal
Rate hikes eased to 5-7.5% on the back of strong adjustments in rates and deductibles last year, when the clubs saw a median 10% increase.
-
- February 21 2024
More IG P&I clubs introduce buyback for Red Sea war risks from February 20
Some of the clubs will have the Red Sea and the Russia, Ukraine, Belarus excluded areas combined under the same structure with the new reinsurance panel.
-
- February 19 2024
Skuld, Steamship and West P&I offer reinstatements as all clubs cancel Red Sea war cover
Some of the other clubs are still exploring solutions to offer buy-back cover from the reinsurance markets; Gard has announced an extension of cover for crew liabilities.
-
- February 14 2024
P&I renewals slowed down by geopolitical unrest and inflation
Asia is again to play a big part in these renewals, as almost half of the clubs’ tonnage comes from the region, and is one of the biggest growth drivers for most clubs both for existing and new members.
-
- February 14 2024
Skuld cancels Red Sea war cover following notice by reinsurers
The notice of cancellation will come into force on February 20, following which the war risk cover for assureds will be terminated automatically for trading or being within Gulf of Aden and Southern Red Sea and other specified areas.
-
- January 22 2024
NorthStandard to open Korea office as it expands APAC presence
The Seoul office will be operational from late spring 2024 and will initially be staffed by Shang Doe Shim, a claims director currently based in the club’s Singapore office.
-
- January 17 2024
Asia focus increases for clubs as lunar new year prompts P&I renewal urgency
With China having overtaken Greece to be the world's largest fleet owner, Asia is becoming an ever bigger part of the world’s P&I market and that growth has continued this year.
-
- January 15 2024
NorthStandard expands Japan P&I collaboration with Tokio Marine
The partnership will see the P&I club handle claims and underwriting matters, while the Japanese carrier will bring its sales network to reach new customers.
-
- January 8 2024
India plans to float P&I club for coastal and inland shippers: report
The government of India is attempting to form a coalition of domestic fleet owners and looking to tap New India Assurance and GIC Re as partners.
-
- November 22 2023
Philippines’ MT Princess Empress oil spill claims exceed US$50m: IOPC
The first layer of claims costs, up to the owner’s liability limit, will be met by the Shipowners’ Club and the remaining claims will be paid out through the IOPC Funds.
-
- November 21 2023
NorthStandard to increase its P&I and FD&D premiums in 2024-25
The club will apply 5% general increase to its premiums from February 2024 for the 2024-25 policy year to represent "a responsible approach to underwriting at a time of persistent shipping market uncertainties".
-
- October 10 2023
TT Club appoints Kamel Tlili regional general manager for Asia Pacific
Singapore-based Tlili joins from British Marine P&I, where he was leading the underwriting division in Asia.
-
- September 11 2023
US sanctions jet-fuel shipments to Myanmar: IGP&I
While restrictions apply only to fuel for military purposes, in practice, it may be impossible to prove that shipments are only for civil aviation, which may lead to exclusions in P&I cover.
-
- September 6 2023
NorthStandard appoints Jack Marriott-Smalley as head of South-East Asia Pacific
Singapore-based Marriott-Smalley was regional underwriting director for the company since 2021.
-
- September 6 2023
‘Little-known’ insurers likely stepping in to provide dark fleet cover: sources
While it is legal to provide insurance to Russian oil shipments despite sanctions, the question is do these insurers have reserves to pay for catastrophic events.
-
- September 6 2023
British Marine strengthens Asia P&I underwriting team with two hires
Sebastian Tjornelund (pictured) joins as head of P&I underwriting, Asia, while Jamie Baggett becomes a senior underwriter.
-
- August 18 2023
AM Best expects Korea P&I Club’s ‘underwriting fundamentals’ to improve; affirms ratings
After a difficult few years, the Korean carrier has been taking action such as premium increases, the non-renewal of unprofitable policies and enhancing terms.
-
- August 8 2023
P&I player Hydor acquires EF Marine to create specialist MGA
The combined companies will control US$40m of GWP and operate from Singapore, Hong Kong, Shanghai, Oslo, Hamburg and Rotterdam.
-
- July 28 2023
Japan P&I Club on hook after large fire on ship with US$100m of cargo
The Japanese-owned vessel is near a World Heritage site and was carrying over 2,800 vehicles, including 498 electric cars.
-
- July 5 2023
West P&I Club makes six promotions in Asia Pacific
The club has named Singapore-based Eugene Cheng as senior claims manager, Pearl Chan as senior claims handler in Hong Kong, along with four others elevated in the claims and underwriting teams.
