Heightened Assessed Risk and Security Measures Implemented in Strait of Hormuz

Published on May 20, 2019 by Johanna Loock   ·   No Comments May 20: Following the recent attacks at Fujairah anchorage: (1) Shipowners and ship managers are increasing their security measures while in the Strait of Hormuz. For example, (1a) Japanese shipping major Nippon Yusen Kaisha (NYK) has decided to stop sending tankers for refuelling, maintenance or crew swaps in Fujairah, (1b) Anglo-Eastern, has given its crew extra security guidelines when…

May 20, 2019

Iran’s Revolutionary Guards ‘highly likely’ to have attacked ships in Fujairah

Iran’s Revolutionary Guards (IRG) are “highly likely” to have had a role in sabotaging four tankers off Fujairah in the United Arab Emirates last Sunday, according to Reuters reports. The hulls of tankers owned by interests in Saudi Arabia, UAE and Norway were damaged by explosives in the attack this week. Two Saudi tankers among those attacked off Fujairah UAE alleges ‘sabotage’ to four commercial ships A confidential report from…

May 17, 2019

Claims hit Steamship Mutual earnings

UK based Steamship Mutual recorded a technical underwriting loss in its latest policy year because of an increase in claims. Its combined ratio, which indicates its underwriting performance, was 116% in the year to 20 February 2019, compared to 101% in the previous year. A combined ratio above 100% indicates claims costs exceeded premium income and expenses. “Increasing levels of claims from members and from the International Group pool are…

May 17, 2019

Britannia claims anti-corruption first

Britannia has becomes the first P&I club to be accepted as a member of the Maritime Anti-Corruption Network (MACN). The organisation was set up in 2011 by a group of maritime companies committed to eradicating the industry of all forms of corruption. It has more than 100 members, representing a sizeable percentage of the global fleet, Britannia said. “We’re proud to be the first P&I Club to have been accepted…

May 9, 2019

Action needed as bell tolls for Lloyd’s old-school City culture

The Lutine Bell still hangs in ceremonial splendour in the underwriting room of Lloyd’s of London, a historic reminder of the global insurance market’s maritime heritage and tradition. But the bell itself is no longer rung as it once was to signal to brokers and insurers that a ship had been lost or returned safe. That is because the 160-year-old bell is now sadly cracked — cracked like the market…

May 8, 2019

Lloyd’s revamp sees risk market split in two

Lloyd’s of London has unveiled what it calls a “bold new strategy” that could shape the future of the world’s (re)insurance market. The proposals are focused on delivering higher quality risk protection for its customers, it said. The overhaul will see costs cut and the market split into two, with a greater emphasis on online deals. The Financial Times reported that Lloyd’s has been facing pressure to change following costly…

May 1, 2019

What This Report on Cyber Risk Gets Wrong

The Marsh brokerage unit of Marsh and McLennan recently announced a new evaluation process called Cyber Catalyst designed to determine the usefulness of enterprise cyber risk tools. The goal of the new offering is to identify and implement industry-wide standards to help cyber insurance policyholders make more informed decisions about cyber-related products and services; basically, what works and […]

The post What This Report on Cyber Risk Gets Wrong appeared first on Adam Levin.

April 29, 2019

Shipowners’ Club reports $38m loss

A decline in investment income at protection and indemnity (P&I) mutual the Shipowners’ Club has put it into the red. The club reported a $37.9m loss in 2018 compared to a $47.4m surplus in the previous year. Shipowners also had a technical underwriting loss in 2018 with a combined ratio of 104% which was less than the 105% it had been predicting. A combined ratio in excess of 100% indicates…

April 18, 2019

Lloyd’s tightens up drinking ban

Insurance market Lloyd’s of London has tightened up its alcohol ban for passholders. Access to the building will not be granted during working hours if the passholder is “under the influence of alcohol or any illegal drug.” The pass is liable to be confiscated and returned to the employee’s boss, Lloyd’s said. “A passholder is required to act professionally and respectfully towards other users of Lloyd’s premises at all times,”…

April 15, 2019

ITIC warns brokers after email scams

UK insurer International Transport Intermediaries Club (ITIC) has warned brokers and agents to be on their guard following cases of email fraud. It cites the case of a shipbroker that received an emailed freight invoice from an owner for $120,000. ITIC: Expert sued over ‘arson’ casualty report The bank account detailed in the invoice was the same as that previously used by the owner. But, several hours later, another email…

April 8, 2019