Marine Insurance
Marine insurance is experiencing a period of rapid change, with a prolonged struggle to deliver underwriting profit forcing companies to reevaluate their proposition and the need to modernise. The class of business on which Lloyd’s was founded, the marine market is now navigating through a transitional period as it embraces technological reform and looks to rebuild its profit margin against a challenging operational backdrop.
Nordic Plan war risk policies may not protect ships against state seizure
Heroic Idun decision based on ‘legacy conception’ of international relations, leading lawyer argues
Venezuela sanctions breaches invalidate P&I cover, Skuld warns
Rules give insurer right to terminate policy where shipowners put club at risk of adverse state action
Lloyd’s Register backs claims of surge in off-spec marine fuels
Comments come after recent similar findings from VPS Veritas, but marine insurers divided over claims frequency trends
Russia crude ban would cost marine underwriters hundreds of millions of dollars
EU measures likely to shut down the trade in most cases, as legal profession mulls scope for lawful workarounds
UK P&I Club maintains $500m war risks P&I limit
2026 renewal preserves existing war risks limits alongside exclusions relating to Russia, Ukraine and Belarus
Shadow fleet vessels raise insurance coverage concerns
The recent seizures of shadow fleet vessels have both legal and geopolitical consequences with significant environmental, navigational and insurance risks
Skyward Specialty deal geared towards growth: Apollo’s Slaughter
Apollo’s chief underwriting officer James Slaughter discusses the Lloyd’s carrier’s acquisition by Skyward Specialty, smart follow underwriting and opportunities in drone insurance
LMA updates Lloyd’s Open Form default agreement
Market association refines wording of LMA5654 to encourage uptake of Lloyd’s Open Form between shipowners and underwriters
Axa XL joins Nuclear Energy Maritime Organization
Specialist re/insurer joins organisation committed to the integration of nuclear technology into shipping
NorthStandard confirms firm P&I renewal round
Biggest UK-based marine mutual ‘not going soft’ with focus on improving combined ratio
Absolutely nuts: off-spec bunkers cut with cashew shell residues
Concern for marine insurers is that engine damage from off-spec bunkers can lead to hull claims
Weak dollar will boost headline marine insurance premiums: IUMI
Greenback’s recent plunge will bolster aggregate statistics for sector
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