UK P&I Club said yesterday February 20th that it had experienced a good renewal for the 2019/20 policy year, “achieving growth by attracting quality tonnage”. The Club’s mutual owned tonnage has reached 144m gt, a net increase of 5.4m gt mutual business over the year. Mutual tonnage at the start of...
https://insurancemarinenews.com/insurance-marine-news/encouraging-renewal-says-uk-club/
South Korea-based container carrier Hyundai Merchant Marine (HMM) has booked an operating loss of KRW576.5bn ($513m) in 2018, up from a loss of KRW406.8bn in 2017. Revenue grew to KRW5,222bn in 2018, from KRW5,028bn in 2017. HMM said it had handled 4.6m TEUs in 2018, up 10.6% in 2017. The company...
https://insurancemarinenews.com/insurance-marine-news/hmm-in-operating-loss-for-2018/
Insurer Brit, a subsidiary of Canada-based Fairfax Holdings, reported a loss of $166.5m in 2018, but Brit Ltd group CEO Matthew Wilson said that “in this challenging market, we have continued to take action to protect our balance sheet, with the application of rigorous risk selection criteria in...
Insurer Lancashire Holdings has reported gross written premiums (GWP) of $31.1m in Marine (excluding Lloyd’s business) in 2018, out of total GWP of $638.5m. This compared with $67.6m in 2017 out of $591.6m. In percentage terms there was a decline (excluding Lloyd’s business) from 11.4% to 4.9%....
Natural disasters, fires and extreme weather continued to hog the marine disaster headlines in 2018, following on from a series of natcats in 2017, reports AJ Gallagher in its February 2019 edition of the Gallagher Marine Hull & Machinery and War Risks Market Report. Hurricanes Harvey, Irma and...
UK-based insurer and reinsurer Beazley has said that its marine division has started to benefit from an improved rating environment, most prominent in areas such as aviation and cargo, which allowed the division as a whole to achieve premium growth of 6% to $284.8m (2017: $267.6m) and an improved...
Steamship Mutual has reported a continued growth in the Association’s owned entry, up by 1.5m tons to 160m tons from February 20th 2018 to January 20th 2019. At a Board Meeting in Tokyo on January 29th it was stated that, for the 2018/19 policy year, claims of up to $250,000 were slightly lower...
https://insurancemarinenews.com/insurance-marine-news/steamship-reports-continued-tonnage-growth/
The Swedish Club has will not impose a general increase for P&I year 2019/20, the fourth year in succession that a 0% general increase has been imposed. The Club’s board said that the decision had been made while considering the general market view that premiums were not in proportion with expected...
https://insurancemarinenews.com/insurance-marine-news/the-swedish-club-declares-0-general-increase/
There will be no general increase in premiums for Club members at Shipowners’, but the Club warned that premiums were now at “levels that are unsustainable in the longer term”. The Club had a Combined Ratio of 106.4% in H1 to June 30th, representing an underwriting deficit of $6.17m. This...
Japan P&I Club will not impose a general increase for policy year 2019/20. The club board met in Tokyo on November 27th to review open policy years, decide on the 2019 renewal and adopt proposed alterations to the Rules of the Association. The Club said that the total number of vessels entered with...
https://insurancemarinenews.com/insurance-marine-news/no-general-increase-at-japan-club-for-201920/