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Lloyd’s and Insurers Support to EU & UK Govt on Ship Insurance Ban for...
The UK government will ban the provision of insurance for ships carrying Russian oil, the Treasury confirmed, cutting off access to the vital Lloyd’s of London market for seaborne Russian cargoes. The...
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Marine & Cargo Insurance Market. Top Causes of Claims in Marine Insurance
Fire and explosion incidents cause the most expensive insurance claims in the marine industry, while at a time of rising exposures and inflation, cargo damage is the most frequent cause of loss,...
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Insurance Industry & Country Risk Assessment for the Global Marine P&I Sector...
S&P Global Ratings’ insurance industry and country risk assessment (IICRA) for the global marine protection and indemnity (P&I) sector. The assessment is comparable with that of other sectors,...
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Aviation, Marine & Cargo Global Insurance Market Forecasts & Dynamics
The aviation, marine and cargo transit (MAT) Global Insurance Industry is estimated to grow at a compound annual growth rate (CAGR) of 6.4% from 2023-2026, supported by increasing trade activities,...
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Shipping Safety & Key Risks for Marine & Cargo Insurance
Shipping losses hit a record low in 2022-2023, but jump in fires, shadow tanker fleet and economic uncertainty pose new safety challenges. Shipping transports around 90% of world trade onboard...
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2024 Global Marine Insurance Market Review
Global marine insurance premiums totalled USD35.8 bn an 8.3%. The post-pandemic rebound in trade, increased asset values, reduced market capacity and an adjustment in premiums were all likely to have...
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Unity Facility: Risk Mitigation for Ukrainian Grain Exports in Global Insurance
Marsh McLennan’s new Unity facility to cover Ukrainian grain exports could pave the way for more insurance solutions to support the country amid the ongoing war. The full extent of insurance and...
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How Many Insured Losses Drives the Francis Scott Key Bridge Collapse?
The collapse of the Francis Scott Key Bridge near the Port of Baltimore, Maryland is expected to drive up to $4 bn in insured losses, with reinsurers set to bear the bulk of the claim amid concerns it...
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Western Insurers Provides Cover for Tankers with Russian Oil Despite Sanctions
Despite the EU/G7 countries’ sanctions on Russian oil, a majority of vessels carrying Russian oil and oil products are owned and/or insured in the EU and G7 countries. Before the war, Russia was...
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UK Tighten Scrutiny on Russia’s Shadow Fleet and Insurance for Crude Oil
UK and India increase scrutiny on Russia’s shadow fleet and crude oil shipments, impacting maritime insurance and global oil exports. Along with its latest sanctions package, the UK announced further...
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Marine Insurers Face Rising Claims & Planning Rate Hikes for 2025
Marine mutual insurers and P&I Clubs are planning rate hikes for 2025 year, driven by rising claims and inflation pressures. Marine mutuals are under growing pressure from inflation and increased...
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P&I Clubs Reach Record Free Reserves on Strong Investment Returns
The International Group of P&I Clubs (International Group or IG) collectively reported a record high level of free reserves in 2023/24 driven by high investment returns, mainly due to the reversal...
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