March 31, 2022
The Ukrainian government has asked international marine insurers to stop all dealings with shipping companies carrying Russian fossil fuels in a bid to intensify pressure on Vladimir Putin’s regime. Oleg Ustenko, Chief Economic Advisor to Ukrainian President Volodymyr Zelenskiy, urged …
June 17, 2020
Astaara, a marine insurance services business, announced it has secured a significant investment from UK marine insurer West of England P&I Club. Astaara is a new company, focused on risk management and loss prevention, which has developed a marine cyber …
December 12, 2019
Faced with imminent new global marine pollution rules, shipping companies and insurers are puzzling over the risks. To reduce emissions of toxic sulfur that cause premature deaths, shipowners who have long relied on the dirtiest residues of oil extraction will …
November 5, 2018
The U.S. reimposed sanctions on Iran’s critical oil industry Monday, raising pressure on the Islamic Republic to scale back its ballistic missile program and involvement in conflicts across the Middle East. The sanctions on Iran’s energy, shipping and banking sectors, …
August 20, 2018
Steamship Mutual P&I Club announced the Hong Kong Insurance Authority has formally authorized the Club to establish a branch in Hong Kong from Aug. 17, 2018. Steamship Mutual said it is the first P&I Club to gain authorization from the …
February 22, 2018
British ship insurer Steamship Mutual plans to set up a new Dutch subsidiary to ensure continued access to trade in the European Union in case Britain loses single market access. “We are about to apply for a license to establish …
February 14, 2018
While the balance sheets of clubs operating in the marine protection and indemnity (P&I) sector are generally strong, underwriting discipline will be tested over the February 2018 renewal period, according to a report by A.M. Best. Intense competition, exacerbated by …
January 11, 2018
The crew of an Iranian oil tanker set ablaze at the weekend following a collision could still be alive, the vessel’s owner said, calling on the Chinese authorities working at the scene to prioritize a rescue attempt. “We are still …
January 11, 2018
The reluctance of foreign banks to deal with Iran could complicate any compensation payments resulting from the collision last week of an Iranian oil tanker and a Chinese cargo ship, sources say. The tanker Sanchi, carrying 136,000 tonnes of highly …
November 21, 2017
British ship insurer Standard Club is setting up a new European Union subsidiary in Dublin in case Britain loses access to the single market after Brexit, becoming the second of these specialized providers to opt for Ireland in two days. …