Smooth Sea 22 was not the ship it claimed to be

When Thai-flagged oil products tanker Smooth Sea 22 (IMO 9870991) suffered an explosion and a subsequent fire on 17th January, few realised that the event would expose a case of potential ship-identity fraud.

On January 24th the International Maritime Organization was reported to have declared the ship’s IMO number to be non-valid after it emerged that the ship that was masquerading as 2018-built ship was in fact built in 1986 and was suspected of previously being known as the 4,4821 gt Hai Zhou 168 (IMO 8514045), and before that as the Smooth Sea 28. Continue reading “Smooth Sea 22 was not the ship it claimed to be”

First Annual Disclosure Report from Poseidon Principles for Marine Insurance

Poseidon Principles for Marine Insurance has published its first Annual Disclosure Report as a step forward towards transparency in the maritime and insurance sectors. In the report, eight of the world’s leading marine insurers have gathered and published client data to track their hull and machinery insurance portfolio’s climate impact. The goal is to support the industry’s green transition.

“This level of transparency is a major milestone on our journey to decarbonise the maritime industry”, said Patrizia Kern, Chair of the Poseidon Principles for Marine Insurance initiative and Marine Strategy Advisor – CEO Office at Swiss Re Corporate Solutions. Continue reading “First Annual Disclosure Report from Poseidon Principles for Marine Insurance”

Another positive year for marine insurers is revealed in the IUMI Annual Stats Report

The International Union of Marine Insurance (IUMI) has published its 2022 global marine insurance market analysis known as the IUMI Stats Report. The report presents various statistical data from multiple sources, including IUMI’s data, to provide insight into the marine insurance market within the context of global trade and shipping. For the third year, IUMI Stats contains analysis from its major claims database, which now comprises 11,000 claims records amounting to USD 17.3 billion of major losses.

Highlights from the 2022 report include: Continue reading “Another positive year for marine insurers is revealed in the IUMI Annual Stats Report”

Hull and machinery underwriters have significant challenges ahead

Hull and machinery underwriters have significant challenges ahead
Hull and machinery underwriters have significant challenges ahead

Speaking recently at the IUMI (International Union of Marine Insurance) conference from Chicago, Rama Chandran, chairperson on the Ocean Hull Committee, expressed concern over the long-term sustainability of the hull and machinery insurance sector.

He said: “Whilst it is encouraging to see the 2021 premium base growing from the previous year we face deteriorating loss ratios, albeit from a low 2020 base. Premium base has only recently begun to creep upwards following a sustained decline since 2012. The increase of 4.1% is lower than the 6% seen last year and the reducing quantum is a worrying trend. This is likely due to increased market capacity, particularly from London and Latin America which is a surprise for many.” Continue reading “Hull and machinery underwriters have significant challenges ahead”

Hull and machinery underwriters have significant challenges ahead

 Rama Chandran expressed concern over the sustainability of the hull and machinery insurance sector.
Rama Chandran expressed concern over the sustainability of the hull and machinery insurance sector.

Speaking recently at the IUMI (International Union of Marine Insurance) conference from Chicago, Rama Chandran, chairperson on the Ocean Hull Committee, expressed concern over the long-term sustainability of the hull and machinery insurance sector.

He said: “Whilst it is encouraging to see the 2021 premium base growing from the previous year we face deteriorating loss ratios, albeit from a low 2020 base. Premium base has only recently begun to creep upwards following a sustained decline since 2012. The increase of 4.1% is lower than the 6% seen last year and the reducing quantum is a worrying trend. Continue reading “Hull and machinery underwriters have significant challenges ahead”

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