marine cargo insurance News

UK Navy Stops Iran from Blocking BP Oil Tanker Leaving Persian Gulf

The British navy intervened to stop Iran from blocking a commercial oil tanker leaving the Persian Gulf, heightening friction just as European nations scramble to salvage a landmark nuclear accord with the Islamic Republic. The BP Plc-operated British Heritage, which …

Insurance for Middle East Oil Shipments Soars to More Than $500,000

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 …

As Lloyd’s Jettisons Some Marine Insurance Lines, Opportunities Created for Rivals

Rivals to Lloyd’s of London are riding a rising tide of marine insurance rates, leaving the 330-year-old market behind after it jettisoned sections of its oldest line of business last year. Premiums for marine insurance, which until 2018 had fallen …

Oil Shippers Continue Sailing Through Strait of Hormuz – with Heightened Security

A series of attacks on oil tankers near the Persian Gulf has ratcheted up tensions between the U.S. and Iran – and raised fears over the safety of one of Asia’s most vital energy trade routes, where about a fifth …

MS Amlin Names RSA’s Vogiatzidou as Senior Marine Underwriter in Dubai

MS Amlin, the London-based re/insurer, announced the appointment of Mary Vogiatzidou to the role of senior marine underwriter. Vogiatzidou will be based in MS Amlin’s Dubai office and will be responsible for the continued development and growth of the marine …

Iranian Forces Were Likely Responsible for Attacks on Tankers, Says Insurer DNK

Iranian forces were likely responsible for the attacks that occurred Thursday on two tankers in the Gulf of Oman, according to a report seen by Bloomberg from DNK, the insurer of one of the ships. The Norwegian insurer has raised …

War Risk Insurance Premiums Surge for Oil Tanker Owners After Gulf Attacks

Oil tanker owners face spiraling insurance costs to load cargoes from the world’s largest crude-export region after the latest round of attacks on vessels. War risk premiums that owners pay each time they go to the Persian Gulf have now …

Insurers Appoint Dutch Marine Engineer to Salvage Oil Tankers in Gulf of Oman

Dutch marine engineer Boskalis said on Friday it had has been appointed to salvage both tankers that were hit in the Gulf of Oman in a suspected attack. Boskalis said the condition of the Front Altair tanker, carrying a cargo …

Insurance Rates for Crude Oil Tankers to Jump After Gulf Attacks

Oil tanker owners are turning increasingly nervous about loading cargoes from the world’s largest export region for crude after the latest round of attacks on vessels. Both owners and the companies that charter their ships paused bookings on Thursday as …

Large Shipping Losses in 2018 Drop to Lowest Level this Century but New Risks Emerge

Large shipping losses declined by more than 50% in 2018 from the previous year – their lowest level this century, according to Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2019. In 2018, 46 large ships were …