Marine
Post magazine - 17 May 2012
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
Japan and South Korea petition EU for Iran sanctions exemption
South Korea and Japan are asking the European Union to allow access to European insurance for Iranian oil shipments even after a 1 July embargo comes into effect, according to Al Arabiya news.
UK P&I Club warns of claims inflation
The UK P&I Club (the Club), one of the oldest shipping protection and indemnity insurance mutuals, has said its results for the year ended 20 February 2012 showed a surplus of $11m after a combined ratio of 97%.
The GCC insurance market: Crème brûlée or Heath Bar?
The term crème brûlée was first used to refer to insurance in perhaps 2002 in an Insurance and Reinsurance Conference in Bermuda, and then used again during the following Monte Carlo Rendezvous and Baden Baden meetings of the same year.
Japan's government considers insurance for Iran crude tankers
Japan's government may insure tankers unable to get cover for shipments of Iranian oil due to European Union sanctions, according to the International Oil Daily.
London must alter loss of hire wordings
The London insurance market needs to address shortcomings in standard loss of hire wordings if it is to be a 'go-to’ market for this important type of marine business, the chairman of the Association of Average Adjusters has warned.
Markel makes senior appointment to cargo team
Markel International has appointed Richard Burnett as senior underwriter for cargo, part of the company's marine and energy division.
Markel CEO points to acquistion activity in Q1 results report
Markel bosses are celebrating an "all time high" on the firm's book values per share following a first quarter which produced a combined ratio improvement of 12% on Q1 2011 to 100%.
Indian insurer will provide liability cover for tankers carrying Iranian crude
State-owned Indian insurer General Insurance Corp of India will step forward to provide third-party liability cover of up to $50m for ships bringing Iranian crude oil from Iran, according to reports.
China considering sovereign guarantees to keep oil flowing
China will review the possibility of sovereign guarantees to enable the nation's ships to import Iranian crude oil after EU sanctions come into effect in July, the head of the China Shipowners' Association has said.
'Encouraging' Aspen Q1 results affected by Costa Concordia
Aspen has reported Q1 net income after tax of $78.7m (£48.6m), leading chief executive Chris O'Kane to describe his firm's early results as "encouraging" despite insurance results being affected by the sinking of the Costa Concordia.
Indian ship owners vow to carry Iranian oil despite reduced cover
Sanctions-hit Indian shipping firms will continue transporting Iranian crude oil, even if restricted insurance coverage leaves them financially exposed in the case of a spill or accident, industry sources have said.
Chinese VP calls for growth in health and liability insurance
Chinese Vice Premier Wang Qishan has called for reform and innovation in the Chinese insurance industry to help development.
Japan discusses tanker cover for sanctions-hit ships
The Japanese government may yet step in to to compensate for the insurance shortfall faced by tankers carrying Iranian oil.
Maritime industry faces difficult year
The marine insurance market is in flux in the aftermath of Costa Concordia, according to the latest Willis marine market review.
GWP of global non-life insurance to reach $2,500bn by 2017
The global non-life insurance industry saw moderate growth during 2006-2011 and the growth momentum is expected to continue, reaching an estimated $2,500bn in 2017 with a CAGR of 4.2% over the next five years, according to Lucintel.
Insurance Insight – top 10 stories
The top 10 most popular articles published on insuranceinsight.eu over the past seven days.
Middle East guest blog: A silver lining?
The United Arab Emirates insurance industry went from denial of the financial crisis in 2008 to a rude awakening.
Countdown to ISA: Q&A with Swiss Re's Qin Lu
As part of a series counting down to Insurance Strategy Asia, Insurance Insight spoke to Qin Lu about his views on the Chinese insurance market.
A century after the Titanic sank, human error remains marine insurers’ biggest foe
The Titanic disaster left over 1500 dead and the industry facing a record payout.
Glad to be a loss adjuster: Interview with Crawford CEO Greg Gladwell
To give Crawford & Company an advantage over its competition, chief executive Greg Gladwell is harking back to the glory days of loss adjusting, playing up its heritage and his own insurer pedigree
State-backed cover for Iran shipments likely, says Chinese shipping group
Government-backed insurance coverage for oil shipments from Iran is highly likely, according to China's largest sea-cargo carrier.
State-provided cover needed to insure China's crude supplies
Tankers carrying Iranian oil will not be fully covered by Hong Kong marine insurers after EU sanctions take effect from July, an industry official told Reuters.
China's P&I club halts cover over Iran sanctions
A major Chinese ship insurer will halt indemnity cover for tankers carrying Iranian oil from July, dealing a blow that narrows the insurance options for Tehran's main export already constricted by payment barriers caused by Western sanctions.