Shipping losses fell to a record low in 2022, according to the just published Safety & Shipping Review 2023 from Allianz Global Corporate & Specialty (AGCS). However, it warned that an increase in the number of fires, a growth in…
Ukraine has sought guarantees from Russia and the UN that any agreement on the export of Black Sea grain would work normally if it permitted Russian ammonia to be exported across Ukrainian territory. Yuriy Vaskov, Ukraine's deputy renovation minister, told…
The United Arab Emirates is no longer taking part in operations by a US-led task force that aims to protect Gulf shipping, it said on May 31st. The UAE was responding to a Wall Street Journal report on Tuesday which…
Group Club NorthStandard has said that the first Annual Review published by NorthStandard as a consolidated business portrayed “an organization rapidly engaging with the challenges and opportunities facing P&I and already broadening its service portfolio”. For policy year 2022/23 NorthStandard’s…
UK Club has reported that for policy year 2022/23 its GWP exceeded $500m for the first time, a result of the Club expanding its fixed premium P&I business. It recorded a combined ratio of 104%, down from the 115% booked…
After successful conclusion of the 2023/24 P&I Renewals, we hosted again the annual Ski Trip in Austria, together with our friends from the London Market.
Two insurance groups have agreed to communicate when there is a common interest. Mutual protection and indemnity insurers have agreed to communicate with London’s commercial marine insurance market on claims where there is a common interest. The move is outlined…
But bottom line is hit by poor investment returns in ‘short’ accounting year Gard has reported its best underwriting performance in 15 years after a fall in major claims. The Norwegian marine insurer said its combined ratio, which reflects pure…
Payouts for ships trapped in Ukraine have not yet been fully resolved Lloyd’s of London war risk underwriters are holding back reserves for insurance payouts potentially running into hundreds of millions of dollars for ships trapped in Ukraine. The Lloyd’s…
The introduction of the G7 oil price caps – on crude oil last December and on refined products in February – saw Russia state emphatically that it would not work with the price cap. However, the vast majority of seaborne…
