Read all the latest news about Marine insurance. ShippingWatch gives you independent, credible, critical and fair news.

"Insurance covers much of the maintenance shipowners should pay"

Henrik Uth has around 25 years of experience in the maritime sphere, assessing damages and inspecting vessels. And the verdict is clear after several years of maritime crisis: Today, it is often the insurance companies which effectively pay for part of the maintenance which shipowners should be handling.

CEO transformed new player in marine insurance

Insurance group Neon, which has hired numerous Lavaretus employees for a new Danish office, was struggling for survival just a few years ago. A strategic overhaul has meant that the company is now launching a charge into the marine insurance market with offices in Copenhagen and Genova.

Confusion at Lavaretus after mass resignation of Copenhagen staff

It came as a complete surprise to the founders of Lavaretus when the entire Copenhagen office recently resigned to instead join a competing firm. According to ShippingWatch's sources, there is no immediate clarification about the office's future. Maersk, a key customer, remains calm.

Maersk: Market for cyber insurance is unripe

The market for cyber insurances is new and plagued by immaturity, says Maersk, which has been hit by hacker attacks in the past. Insurance broker agrees with the Danish transport company.

Allianz: Shipping headed for perfect storm

Mounting pressure on shipowners could trigger a new rise in losses in the shipping sector. Insurance giant Allianz warns of a perfect storm despite a 50 percent reduction in losses in the past decade.

BW Offshore settles major insurance payment for fatal accident

Norwegian offshore carrier BW Offshore has, following protracted negotiations, reached agreement concerning its insurance arrangements for FPSO Cidade de São Mateus. The vessel was involved in an accident two years ago in which nine people were killed.

Skuld weighed down by large claims

Norwegian marine insurer Skuld delivered a small net profit for the first nine months of the fiscal year 2016/17. Several large claims earlier in the year pulled the bottom line down.

Hanjin collapse could hit marine premiums for 2016

Marine underwriting premiums declined by more than 10 percent in 2015, and the marine insurers' association IUMI points to continued uncertainty ahead. Hanjin's collapse and the Tianjin port disaster in 2015 could impact premium income in 2016.

Skuld: British OW ruling could cause problems for charter

Shipowners are in a much weaker position after the UK Supreme Court ruling in May. Going forward, problems could arise with charter parties, projects Stig Gregersen, Vice President of Skuld. There are several precautions available, although these are difficult to observe in practice.

Skuld expands with purchase of Norwegian insurance peer

The Norwegian marine insurer acquires similarly Norwegian insurance peer SMA/Gerling Norway in a transaction that will add 6,000 vessels to Skuld's member portfolio. The take is part of a diversification strategy, says CEO.

Skuld delivered 2015 profit in weak market

In spite of miserable conditions in several shipping segments, Skuld exited 2015 with a profit of USD 13 million and the best combined ratio in five years. CEO calls the result encouraging.

CEO of Norwegian Hull Club steps down

After just four months at the head of Norwegian Hull Club, Faz Peermohamed is stepping down, citing personal circumstances as the reason for his decision.

London P&I warns against Indonesian coal

A number of unfortunate incidents related to dry bulk vessels carrying Indonesian coal have spurred London P&I to caution against the cargo. If the temperature is too high, the thermal coal risks self-ignition.

Total number of lost ships at ten-year low

A study published by insurance company Allianz shows that the total of losses of ships is steadily declining, and with 85 lost ships in 2015 the number has reached a ten-year low and is significantly lower than the average for the past decade.

Insurance industry faces a lurking risk at sea

"Freak waves" no longer exist solely in disaster movies. The first monster waves have already crashed into oil rigs and incapacitated huge vessels. Participants at Asia Pacific Maritime Insurance Conference in Singapore are currently assessing the new threat.

Tianjin blast to raise marine insurance premiums this year

Insurance premiums for the marine branch declined slightly in 2014 to USD 32.6 billion, according to figures from the International Union of Maritime Insurers. A strong dollar played a big role, but major challenges lie ahead, predicts IUMI.

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