Marine Insurance News

The U.S. International Development Finance Corporation (DFC) and Chubb have announced six additional American insurance partners that will provide reinsurance for DFC's Maritime Reinsurance plan: Travelers, Liberty Mutual Insurance, Berkshire Hathaway, AIG, Starr, and CNA.On top of DFC’s $20 billion in rolling coverage, Chubb and these new partners will provide an additional $20 billion, bringing the total Maritime Reinsurance facility to $40 billion. The plan is designed to deliver on President Trump’s directive to help restore maritime trade through the Strait of Hormuz…

The global marine insurance market continues to show resilience and is maintaining the availability of cargo, hull, liability and offshore energy cover despite increasing geopolitical tensions in the Middle East, says the International Union of Marine Insurers (IUMI).Cargo insurers across global markets remain committed to supporting trade flows, including in high-risk areas such as the Persian Gulf and Red Sea.Although the evolving situation in the Middle East has prompted adjustments - particularly in war risk pricing and policy structures – significant capacity is still available.

Insurance giant Chubb will be the lead partner on the U.S. International Development Finance Corporation's $20 billion Maritime Reinsurance Plan aimed at resuming commercial shipping in the Gulf, the agency said on Wednesday.The U.S.-Israeli conflict with Iran has widened sharply in recent days and paralyzed shipping traffic through the Strait of Hormuz, a major global chokepoint in the Gulf.Iran said the world should be prepared for oil to hit $200 a barrel as its forces attacked merchant ships on Wednesday in the blockaded Gulf. Meanwhile, U.S.

As the conflict in the Gulf widens, maritime insurance premiums for war coverage are surging -- in some cases by more than 1000% -- dramatically driving up the cost of moving energy through a critical maritime corridor.The conflagration sparked by Saturday's Israeli-U.S. air strikes against Tehran has paralyzed traffic through the Strait of Hormuz, a major shipping chokepoint. Iran on Monday said it would fire on any ship trying to pass, and at least nine vessels have suffered…

Insurance broker Marsh McLennan said on Wednesday it had met with U.S. officials to explore solutions for restoring maritime trade amid escalating fighting in the Middle East, as attacks in the region threaten energy shipments through the Strait of Hormuz.The waterway, a critical chokepoint between Iran and Oman, carries about a fifth of globally traded crude oil and liquefied natural gas.Shipping through the strait has slowed significantly following Iranian strikes on commercial vessels…

London's marine insurance market has widened the area in the Gulf it deems as high risk as the conflict in the Middle East escalates, according to an advisory issued on Tuesday.Guidance from the Joint War Committee, which comprises syndicate members from the Lloyd's Market Association and representatives from the London insurance company market, is watched closely and influences underwriters' considerations over insurance premiums.The JWC added waters around Bahrain, Djibouti…

Marine insurers are cancelling war risk coverage for vessels and oil shipping rates are set to surge further after the widening Iran conflict left at least three tankers damaged, a seafarer killed and 150 ships stranded around the Strait of Hormuz.Iran has responded to U.S. and Israeli strikes that began on Saturday with retaliatory attacks that have sharply increased risks to commercial shipping in the past 24 hours.In the Strait of Hormuz and surrounding waters, at least 150 vessels including oil and liquefied natural gas tankers had dropped anchor…

Britain on Tuesday sanctioned Maritime Mutual, the New Zealand-based marine insurer that was the subject of a Reuters special report into how it had helped in the trade of tens of billions of dollars of Iranian and Russian oil."(Maritime Mutual) is or has been involved in obtaining a benefit from or supporting the Government of Russia by carrying on business in a sector of strategic significance to the Government of Russia, namely the Russian energy sector," the British government…

War insurance costs for ships sailing to the Black Sea have spiked again, with insurers reviewing policies daily as the conflict in Ukraine spills into sea lanes, five shipping and insurance sources said on Thursday.The Black Sea is crucial for the shipment of grain, oil and oil products. Its waters are shared by Bulgaria, Georgia, Romania and Turkey, as well as Russia and Ukraine.Turkey's Foreign Minister Hakan Fidan said on Wednesday that attacks on Russia-linked tankers in…

The International Union of Marine Insurance (IUMI) has released its 2025 analysis of the global marine insurance market – the IUMI “Stats Report”.Commenting on this year’s report, IUMI Secretary General, Lars Lange said: “Our data relating to 2024 shows that the ocean hull and cargo markets have been relatively stable with little positive development. The offshore energy sector continued to struggle as a result of a low oil price and a reduction in capex spend in some regions.“As…

Geopolitical conflicts and shifting trade patterns are redefining risks and opportunities for the marine insurance sector.Opening this year’s International Union of Marine Insurance (IUMI) conference in Singapore, IUMI President Frédéric Denèfle warned that marine insurers are facing significant change as the world approaches the end of an era of seamless globalisation.Denèfle reflected on the deepening shifts in global trade — a theme he has raised in previous IUMI conferences but says has now reached a critical turning point:“The end of globalisation is fast approaching,” he said.

UK maritime intelligence company Pole Star Global has acquired Clearwater Dynamics, a UK-based real-time maritime risk intelligence provider and creator of Coral — a platform for managing marine insurance risk.The acquisition strengthens Pole Star’s position in maritime domain awareness, combining Clearwater’s capabilities in real-time vessel risk monitoring and marine insurance with Pole Star’s expertise in regulatory compliance, voyage optimization, dark vessel detection, and maritime data analytics.The deal also marks Pole Star’s expansion into the marine insurance sector…

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…

Japanese insurer Tokio Marine 8766.T has set up a unit to insure activities linked to the low-carbon transition such as green hydrogen, shipping and cement and is targeting $1 billion in revenues by the end of the decade, its chair told Reuters.The new unit, Tokio Marine GX, will provide advisory and risk transfer services to companies across a range of sectors looking to decarbonise, and build on the existing work of its GCube renewable energy team, Fraser McLachlan said.TMGX…

A new legislative proposal on war insurance will ensure that the Danish merchant fleet can remain insured and continue sailing in the event of war.In the extraordinary situation where Denmark and Danish shipping are severely impacted by war – and the commercial insurance market has collapsed – there is a need for a war insurance scheme that guarantees the Danish merchant fleet remains insured and operational. This benefits both Denmark and the shipping companies.A new government…

Three more Russian insurers, including a subsidiary of top lender Sberbank, have asked India for approval to provide marine insurance for oil shipments sent to Indian ports, two sources with knowledge of the matter said, as Moscow looks to maintain deliveries despite Western sanctions.India has already approved five insurers from Russia, which has no insurance firms in the International Group of P&I Clubs, which provides liability cover for personal injury or environmental clean…

The European Commission has adopted a new measure to enhance maritime safety and environmental protection around the EU’s coasts via an amendment to the Vessel Monitoring Directive (2022/59/EC).It now requires all vessels, including those merely passing through EU waters without entering an EU port, to provide insurance information.By requiring that all vessels operating in the vicinity are properly insured, the EU’s ability to monitor and, if necessary, investigate maritime activities is strengthened…

West P&I Club announced the full acquisition of Nordic Marine Insurance (Nordic), a leading provider of fixed premium insurance for the marine industry, specializing in Delay Insurance, Primary Loss of Earnings, Hull and Machinery (H&M), Loss of Hire, Maritime Lien solutions and other specialist insurance products.West P&I initially acquired a significant stake in Nordic in 2020. The two organisations have worked closely together since then, with Nordic’s specialist products expanding the services West provides its Members and the wider marine market.

Maritime insurance specialist The Swedish Club reports that it registered claims exceeding $25million attributable to heavy weather over the past five years. In response, it has developed a Heavy Weather Alert tool as an addition to its existing loss prevention tool.Heavy weather can cause structural damage, shifted cargo, broken mooring lines, wet damage, lost cargo overboard, and more. The Club says it has also seen examples where vessels have failed to suspend cargo operations and depart port in a timely manner when severe weather is approaching…

The International Union of Marine Insurance (IUMI) presented its analysis of the latest marine insurance market trends at its 150th annual conference in Berlin, Germany, on Monday.The global marine insurance premium base for 2023 was reported as $38.9 billion representing an uplift of 5.9% from the previous year. Development was seen across all lines of business with the offshore energy sector experiencing a 4.6% increase, cargo insurance a 6.2% increase and ocean hull a 7.6%…

Marine insurers and legal practitioners are grappling with unresolved challenges even two years after the outbreak of the Russia-Ukraine war. The conflict had brought chaos “not only in the lives of those in the region, but for the maritime industry trying to make sense of the shock,” said Burkhard Fischer, 2023-24 chairman of the Association of Average Adjusters, in his address to the body’s annual conference in London on May 9, 2024.Headlining his talk When War Risk becomes War Reality…

Ann Waite has been elected to chair the Association of Average Adjusters for the year 2024-25. She is the first woman to hold the office in the history of the association, which was founded in 1869.At the annual general meeting of Fellows on May 8, 2024, Waite was also elected an Honorary Fellow of the Association, which she has served as secretary for 11 years.She succeeds Burkhard Fischer, a director of Albatross Adjusters, Limassol.Waite runs a London-based independent claims management company…

The London P&I Club said that Ian Gooch will be stepping down during the year from the role of CEO after 15 years as CEO and 21 years as a Director of A.Bilbrough & Co., the company that manages The London P&I Club.Subject to regulatory approval, Ian Gooch will be succeeded by James Bean, from NorthStandard P&I Club.A qualified Solicitor, Bean has worked within the marine insurance industry since 2005 and was appointed to the NorthStandard’s senior leadership team in February 2023. Prior to that he was the Group Managing Director at the Standard Club.