Steamship Mutual has said its financial position is still robust enough to consider returning further cash to members after reporting an underwriting loss and seeing its reserves shrink. Armand Pohan, chairman of the London-based protection and indemnity insurer, described the club’s finances as Source: http://www.tradewindsnews.com
Published on July 8, 2019 by Johanna Loock · No Comments July 04: MSC Mediterranean Shipping Company has announced it will institute a war risk surcharge for all cargoes moving to and from the Arabian Gulf. The move follows CMA CGM and X-Press Feeders adding charges in the wake of six tanker attacks in and around the Strait of Hormuz over the last two months. MSC is charging $40 per…
Published on July 2, 2019 by Johanna Loock · No Comments July 02: Due to the recent incidents in the Strait of Hormuz and amid significantly increasing insurance costs in the Middle East region, French container transportation and shipping company CMA CGM is introducing war risk surcharges, as follows: “Effective July 5th, 2019 (B/L date) for all trades, except USA and China (August 1st, 2019):From/To: Oman, the UAE, Qatar, Bahrein,…
Published on June 25, 2019 by Johanna Loock · No Comments June 24: The cost of insuring Middle East oil shipments is soaring as tensions mount in a region responsible for about a third of all seaborne petroleum. So-called war risk premiums for a standard oil cargo from the Persian Gulf and the tanker hauling it can now cost upwards of $500,000, according to people familiar with the insurance market….
The American Club has reported an increase in incurred losses to $45.9m for its latest financial year after it was hit by a high level of claims from the International Group. Commenting on the 2018 figures, the American Club said its own claim’s record was the best since 2002 but 70% of the increased claims were attributable to other International Group pool claims. It said the International Group had seen…
The American Club has reported a $45.9m loss for its latest financial year after it was hit by a high level of claims from the International Group. Commenting on the 2018 loss the American Club said its own claim’s record was the best since 2002 but 70% of the financial losses were attributable to other International Group pool claims. American Club bolsters capabilities in Greece and New York Read more…
The London P&I Club has reported a $25.8m loss in its latest policy year after a number of expensive claims pushed it into the red. The mutual had a combined ratio of 140%, indicating claims expenses were well in excess of premium income. The club blamed continued pressure on premiums and increased claims expenses, including pool claims under the International Group of protection and indemnity insurers, for the loss. “There…
Two executives from Lloyd’s of London underwriter Tokio Marine Kiln (TMK) have resigned after allegations of sexual harassment were made. One was accused of groping colleagues at what was termed by a Bloomberg report as a “booze-fuelled party”, while the other was alleged to have stalked a junior employee. The news comes three months after an investigation by the news agency into the “deep-seated culture of sexual harassment” at Lloyd’s…
The North P&I Club has promoted senior executives in underwriting and claims as chief executive Paul Jennings lays the ground for future growth. The two most senior promotions go to Savraj Mehta, who has been appointed chief commercial officer, and Thya Kathiravel, who steps up to the position of chief underwriting officer. The role of chief commercial officer is a new position to help the North develop its diversification and…
The North P&I Club has promoted senior executives in underwriting and claims as chief executive Paul Jennings lays the ground for future growth. The two most senior promotions go to Savraj Mehta, who has been appointed chief commercial officer, and Thya Kathiravel, who steps up to the position of chief underwriting officer. The role of chief commercial officer is a new position to help North P&I develop its diversification and…