Marine
Japan approves insurance for tankers carring Iranian oil
Japan's cabinet has approved a bill to provide sovereign insurance to tanker operators that import Iranian oil before European Union sanctions come into force.
S&P upgrades Skuld to 'A' with 'stable' outlook
Maritime insurer Skuld has had its Standard & Poor's rating upgraded to 'A' with 'stable' outlook, based on strong underwriting and capitalisation.
Japan to allow sovereign guarantees for tankers
Japan's cabinet plans to approve a bill giving sovereign guarantees for the nation’s oil tankers, circumventing sanctions aimed at stalling Iran's nuclear programme, according to Bloomberg.
RSA targets 'consistency' across global network with GSL restructure
RSA's reorganisation of global speciality lines aims to bring consistency across the group's global network, according to Paul Donaldson, director of global broker relationships and sales.
Chaucer set to launch new marine package
Chaucer Syndicate 1084 has launched a new marine package underwritten by Coastal Marine Services, a UK marine insurance underwriting agency.
RSA reorganises speciality business
RSA has consolidated its global speciality business in a bid to link brokers and customers seeking global expertise and capacity.
RSA puts specialty into three divisions
RSA has reorganised its speciality businesses around the world into three key divisions to join up brokers and customers seeking global expertise and capacity.
Hardy gets tough on property treaty with 19.1% rate rises
Hardy Underwriting has reported that gross written premiums for its syndicate have decreased by 21.5% year on year, primarily as a result of discontinuing certain underperforming lines of business and a reduction in catastrophe risk appetite.
Marine: A stormy start to 2012 and choppy waters ahead
With the Costa Concordia disaster in January, the marine market has had a tough start to the year. What impact has this had on the state of play in an already difficult sector?
EU considering impact on trade of Iranian oil insurance ban
Britain and France are studying a proposed European Union ban on insuring tankers carrying Iranian oil to see how severe an impact it would have on trade with non-EU countries, Reuters reported.
Post magazine - 17 May 2012
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
Japan and South Korea petition EU for Iran sanctions exemption
South Korea and Japan are asking the European Union to allow access to European insurance for Iranian oil shipments even after a 1 July embargo comes into effect, according to Al Arabiya news.
UK P&I Club warns of claims inflation
The UK P&I Club (the Club), one of the oldest shipping protection and indemnity insurance mutuals, has said its results for the year ended 20 February 2012 showed a surplus of $11m after a combined ratio of 97%.
The GCC insurance market: Crème brûlée or Heath Bar?
The term crème brûlée was first used to refer to insurance in perhaps 2002 in an Insurance and Reinsurance Conference in Bermuda, and then used again during the following Monte Carlo Rendezvous and Baden Baden meetings of the same year.
Japan's government considers insurance for Iran crude tankers
Japan's government may insure tankers unable to get cover for shipments of Iranian oil due to European Union sanctions, according to the International Oil Daily.
London must alter loss of hire wordings
The London insurance market needs to address shortcomings in standard loss of hire wordings if it is to be a 'go-to’ market for this important type of marine business, the chairman of the Association of Average Adjusters has warned.
Markel makes senior appointment to cargo team
Markel International has appointed Richard Burnett as senior underwriter for cargo, part of the company's marine and energy division.
Markel CEO points to acquistion activity in Q1 results report
Markel bosses are celebrating an "all time high" on the firm's book values per share following a first quarter which produced a combined ratio improvement of 12% on Q1 2011 to 100%.
Indian insurer will provide liability cover for tankers carrying Iranian crude
State-owned Indian insurer General Insurance Corp of India will step forward to provide third-party liability cover of up to $50m for ships bringing Iranian crude oil from Iran, according to reports.
China considering sovereign guarantees to keep oil flowing
China will review the possibility of sovereign guarantees to enable the nation's ships to import Iranian crude oil after EU sanctions come into effect in July, the head of the China Shipowners' Association has said.
'Encouraging' Aspen Q1 results affected by Costa Concordia
Aspen has reported Q1 net income after tax of $78.7m (£48.6m), leading chief executive Chris O'Kane to describe his firm's early results as "encouraging" despite insurance results being affected by the sinking of the Costa Concordia.
Indian ship owners vow to carry Iranian oil despite reduced cover
Sanctions-hit Indian shipping firms will continue transporting Iranian crude oil, even if restricted insurance coverage leaves them financially exposed in the case of a spill or accident, industry sources have said.
Chinese VP calls for growth in health and liability insurance
Chinese Vice Premier Wang Qishan has called for reform and innovation in the Chinese insurance industry to help development.
Japan discusses tanker cover for sanctions-hit ships
The Japanese government may yet step in to to compensate for the insurance shortfall faced by tankers carrying Iranian oil.