Insurance News

Artificial Intelligence (AI) is set to transform -- among many industries -- the marine insurance sector, presenting both significant opportunities and pressing challenges, a message delivered at the International Union of Marine Insurance (IUMI) annual conference in Singapore.Speaking at the Innovation & Technology Workshop, Rahul Khanna, Chair of IUMI’s Data & Digitalization Forum, emphasised the rapid pace of technological change: “AI in our sector is moving extremely rapidly. Last year has seen as much meaningful improvement in AI application than we saw in the last five years combined.

In 2023, the International Union of Marine Insurance (IUMI) published a set of best practice and recommendations for the safe carriage of electric vehicles, and it has now published an updated version titled “Risk mitigation for the safe ocean and short-sea carriage of electric vehicles”.IUMI Secretary General, Lars Lange, explains: “The volume of cars being shipped by maritime transport globally is around 20 million units per annum. EVs have been transported in ever larger numbers since 2017.

U.S. and Israeli attacks on Iran and Tehran's reprisals have doubled the price of insuring shipments to the Middle East and the Gulf in the last week, insurance sources said on Monday.War risk insurance premiums for shipments to the Middle East Gulf have jumped to 0.5% from around 0.2-0.3% a week ago, as risks grow to the critical Strait of Hormuz, the sources said.The cost of a seven-day voyage is based on the value of the ship and the increase will add tens of thousands of dollars each day in additional costs.While underwriters typically price risk and rates individually…

War risk insurance premiums for shipments to Israel are as much as three times higher than a week ago as the war between Israel and Iran entered its fifth day, industry sources said on Tuesday.The cost of a seven-day voyage to Israeli ports was quoted between 0.7% and 1.0% of the value of a ship, versus around 0.2% a week ago, they said.War risk premiums to Israel are still below a peak of over 2% in November 2023 that were quoted after a Hamas attack on Israel killed 1,200 people and triggered the Israeli invasion of Gaza.Individual underwriters will price risk and rates differently…

Global insurer Allianz Commercial recently issued its 2025 Safety & Shipping Review, examining maritime risk trends and losses. The report revealed that the shipping industry has made significant improvements when it comes to maritime safety in recent years. During the 1990s the global fleet was losing 200+ vessels a year. This total had halved 10 years ago and is now down to a record low of 27 as of the end of 2024 (from 35 in 2023).Despite the ongoing trend for fewer large losses, challenges remain.

India has approved three Russian insurers, including a unit of top lender Sberbank, to provide marine cover to ships arriving at Indian ports, a government notification shows, helping Moscow maintain oil supplies to a key market.India is the top buyer of Russian seaborne oil after China since Western nations shunned purchases and imposed sanctions on Moscow for its military action in Ukraine.With the granting of the permits to Sberbank Insurance, Ugoria Insurance Group and ASTK Insurance Company…

The insurance issued to dozens of ageing oil tankers used by Russia to skirt international sanctions was bogus, according to Norwegian authorities now investigating the small firm behind the forged documents.Norway-registered Romarine AS purported to be an insurance provider with a website listing dozens of tankers believed to be part of Russia's shadow fleet, including vessels under Western sanctions.However, the company was not registered as an insurance provider by Norway's Financial Supervisory Authority (FSA), the FSA said.Western nations have imposed sanctions on hundreds of ships they suspect Russia is using to avoid price cap restrictions on exports of crude oil and other cargoes.Such vessels are not regulated or covered by conventional Western insurers…

The cost of shipping goods through the Red Sea is expected to remain firm after the United States carried out further airstrikes on Yemen on Monday, adding to fears of new attacks on ships by the Iran-aligned Houthis targeted by Washington, industry sources said.Responding to the Houthi movement's threats to international shipping, the U.S. launched airstrikes on Saturday. On Monday, the Red Sea port city of Hodeidah and Al Jawf governorate north of the capital Sanaa were targeted, the Houthis' Al Masirah TV said.In January, the Houthis said they would halt attacks on U.S.

Shoreline and HudsonAnalytix launched of ShorelineHudson, a partnership to provide the maritime industry with integrated insurance and risk management solutions. ShorelineHudson’s mission is to predict, innovate, and respond to the ever-evolving risks of its global maritime industry clientele. This relationship brings together Shoreline’s expertise in marine insurance and HudsonAnalytix’s strengths in risk management, claims mitigation, regulatory compliance, and cybersecurity and operational resilience.

The UK P&I Club appointed Richard Offord as the new Chief Executive of the Club’s Singapore Branch. Richard will replace Yiah Soon Ng (YS) on December 1, 2024, as YS will retire after leading the Singapore office for more than 27 years. Offord joins the office from his previous position in London and will report to the Club’s Regional Director for Asia, Andrew Jones.Richard joined Thomas Miller in 1997 and, most recently, held the position of Claims Director, with a particular focus on ICA claims and Charterers’ cover…

A series of Russian missile strikes on Ukrainian Black Sea port infrastructure and commercial vessels has led to a jump in insurance costs and forced some shipowners to cancel bookings, insurance sources and a broker said on Thursday.Russian ballistic missiles attacked the port infrastructure of Ukraine's southern Odesa region on Wednesday, becoming the third such attack in the past four days."Russia is deliberately intensifying its attacks on the port infrastructure of the Ukrainian south.

A partnership between Iceland's TM Insurance and Hefring Marine promises to bring the 'big brother is watching' mantra foward faster in marine operations.Touted as an AI -driven ‘digital assistant’, the primary target for this offering are the helm stations of fast craft, and according to Hefring Marine, IMAS Helm addresses both accident prevention and fuel efficiency, aiming to provide fast craft operators with guidance such as a maximum advised speed, based upon the vessel’s route…

Broker Marsh and Lloyd's underwriter Tokio Marine Kiln (TMK) have set up business interruption insurance for ports to provide cover against growing trade disruption risks such as threats to shipping in the Red Sea, executives involved said.Ports across the globe are dealing with multiple issues that are disrupting flows of goods, including attacks by Yemen's Houthis on commercial shipping as well as the risk of strikes at terminals in the United States."Recent geopolitical turmoil has exposed a clear gap in the standard cover available to ports and other cargo facilities.

The cost of insuring a ship through the Red Sea has more than doubled since the start of September and some underwriters are pausing cover as the risk of attack from Yemen's Houthis on commercial vessels increases, industry sources said.The Iran-backed Houthis first launched aerial drone and missile strikes on the waterway in November. They say they are acting in solidarity with Palestinians under assault in Israel's war on Gaza. In more than 70 attacks, the Houthis have sunk two vessels…

The cost of insurance for ships sailing through the Red Sea has nearly doubled after Yemen's Houthis attacked a tanker that appears to be leaking oil, with environmental fears growing for trade route, industry sources said on Wednesday.Iran-aligned Houthi militants first launched aerial drone and missile strikes on the waterway in November in what they say is solidarity with Palestinians in Gaza. In over 70 attacks, they have sunk two vessels, seized another and killed at least three seafarers.In the latest escalation…

Marsh launched a $50 million port blockage insurance facility, covering shipping ports and terminals around the world.Created by Marsh following the collapse of the Francis Scott Key Bridge and subsequent disruption at the Port of Baltimore, the insurance facility can be purchased independently or used to supplement existing cover. Available to Marsh clients globally, it is specifically designed to provide clients with cover for loss of revenue caused by third-party accidents such as a vessel sinking in a channel…

A collision between two tankers off Singapore in July raises questions over insurance claims, as one of the vessels previously shipped Iranian oil, potentially complicating payments due to Western sanctions, ship-trackers and industry sources say.What happened?The Singapore-flagged Hafnia Nile and the Sao Tome and Principe-flagged Ceres I collided and caught fire about 55 km (35 miles) northeast of the Singaporean island of Pedra Branca on July 19.No oil spill has been detected…

Transport and logistics insurer TT Club announced Thursday that Kevin King has stepped into the role as CEO, succeeding Charles Fenton effective August 1.Originally based in the U.S., King has long held positions within Thomas Miller managed businesses, and transferred to London in 2015 to lead the Europe, Middle East and Africa region at TT. More recently he served as the insurer’s Chief Operating Officer and acted as deputy CEO to over the last year.Fenton said, “Kevin is well-positioned to lead TT into a challenging future.

Paying claims for ships involved in accidents or collisions with other vessels covered by sanctions-hit Russian insurer Ingosstrakh will prove difficult, UK ship insurer West said, in another sign of complications with Moscow's oil trade.In June, Russia's Ingosstrakh, which provides services to Russian oil exporters including ship insurance cover, was added to the UK's list of Russian entities under sanctions in what the British government said was part of efforts to "ramp up economic pressure on Moscow".West is among 12 clubs offering protection and indemnity insurance to ships…

Lloyd's of London insurers Hiscox and Lancashire do not expect large insurance claims from the collapse of Baltimore's Francis Scott Key Bridge in March that caused widespread disruption, they said on Thursday.Some estimates for the total insured losses from the bridge collapse run into billions of dollars, given the loss of lives, bridge repair costs and traffic re-routing.The Wall Street Journal reported on Thursday insurer Chubb was preparing to make a $350 million payout to the state of Maryland.Hiscox does not have direct exposure to the business interruption policy of the port…

Russia's state-owned reinsurer has given financial backing to three Russian insurance firms, allowing them to get Indian approval to provide marine insurance cover to tankers, two sources said, as Moscow seeks to facilitate trade with India amid Western sanctions.A raft of sanctions by the U.S. and allies against Moscow over its Ukraine invasion, along with tighter scrutiny of Russian oil trade, has almost cut Russia off from the global network of service providers such as insurers and brokers.Russian companies Sogaz Insurance…

Howden has started offering war risk cargo insurance to cover vessels sailing through the Red Sea against drone and missile attacks as geopolitical tensions escalate in the region, the UK-based insurance broker told Reuters on Tuesday.The cost of insuring a seven-day Red Sea voyage has risen by hundreds of thousands of dollars since Yemen's Iran-aligned Houthis began attacking shipping in the area in November in a show of solidarity with Palestinians in Gaza.Howden said the new…

The state of Great Lakes port infrastructure is one of the biggest issues facing the U.S. and Canadian maritime industries. According to the America Great Lakes Ports Association, “Due to years of inadequate funding, the U.S. Army Corps of Engineers has been unable to maintain Great Lakes navigation infrastructure. Over the next five years Great Lakes navigation channels will require $540 million of dredging to maintain authorized channel dimensions. Breakwaters and other federal…