Key ship insurer, China P&I Club, will halt indemnity coverage for tankers carrying Iranian oil as of July amid tightening Western sanctions against OPEC’s second largest oil producer, two club officials told Reuters on Thursday. This is the first sign …
An analysis from London-based TT Club, which provides insurance and related risk management services for the international transport and logistics industry, has revealed human error to be the main cause of supply chain claims. TT Club said its research is …
A widely expected ban on European insurance cover for Iranian oil exports from July 1 is threatening to curtail shipments and raise costs for major buyers such as Japan and South Korea, insurance industry sources say. Last week the European …
EU foreign ministers are expected to discuss how the bloc’s Iran oil embargo will impact shipping insurance when they hold a scheduled meeting next week, an industry source said on Friday. The ministers are due to meet in Brussels next …
The Protection & Indemnity (P&I) market “delivered a blockbuster financial performance last year,” according to a report from Willis. However, the report also found that P&I Clubs are “faced with fragile investment income and increased claims in 2011,” which has …
A.M. Best Co. has released a briefing addressing the marine protection and indemnity (P&I) market, which indicates that the” insurers operating in the P&I market went into the February 2011 renewal period in a good financial position.” “Reported balance sheets …
Iran’s biggest crude oil tanker operator, NITC, said on Friday that its club of ship insurers had declined to renew policy cover for the coming year due to the impact of tightening sanctions in the European Union. Western nations suspect …
A report from Aon Risk Solutions, the global risk management business of Aon, concludes that Protection and Indemnity (P&I) Clubs are experiencing a “continued improvement in claims trends, and a restored investment performance.” As a result, “ship-owners face the prospect …
“The outlook for the international marine protection & indemnity (P&I) industry is looking stable, with all clubs in 2010 reporting a post-tax surplus for the first time since 1998,” said a bulletin from Standard & Poor’s Ratings Services. It also …
