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Marine tag returned 275 results

  • Kenya: Foreign insurers dominate cargo marine insurance business despite localisation requirements

    Gaps in the implementation of the Marine Insurance Act that requires the mandatory cover of imports by local insurance companies have hampered the growth of domestic marine cargo insurance in Kenya, industry sources say.

    Africa | 25 Sep 2024
  • IUMI looks to the future of marine insurance on 150th anniversary

    Climate change and its impact on losses and claims featured highly as major challenges to be faced by marine insurers in the future, according to a general consensus reached at the 150th anniversary conference in Berlin of the International Union of Marine Insurance (IUMI). Changing weather patterns would place increased strain on supply chains causing delays and risk accumulations.

    Asia | 20 Sep 2024
  • Turkiye: Turk P&I increases paid-up capital

    Turk P ve I Sigorta (Turk P&I), Turkiye's first protection and indemnity (P&I) insurance provider, implemented an increase in paid-in capital of TRY200m ($5.86m) in September 2024 and expects to restore the regulatory solvency ratio to over 100% by end-2024, says Fitch Ratings.

    Middle East | 19 Sep 2024
  • Asia Pacific: Region maintains 28% share of global marine insurance premiums

    The Asia Pacific region maintained its share of global marine insurance premiums of 28.1% in 2023, compared to 28.4% in 2022, according to data from the International Union of Marine Insurance (IUMI) which presented its analysis of the latest marine insurance market trends at its 150th annual conference in Berlin on 16 September 2024.

    Asia | 18 Sep 2024
  • APAC: Tokio Marine Kiln appoints new marine underwriter

    Tokio Marine Kiln (TMK) has appointed Ms Stephanie Hong as marine underwriter in APAC. In her new role, she will primarily be focused on deepening TMK's presence in target markets across Asia.

    Asia | 12 Sep 2024
  • Middle East: Red Sea insurance cost nearly doubles

    The cost of insurance for ships sailing through the Red Sea has nearly doubled after Yemen's Houthis attacked a tanker that appears to be leaking oil, with environmental fears growing for the trade route, reported Reuters quoting industry sources.

    Middle East | 29 Aug 2024
  • China P&I Club improves 2023 financial results on more favourable underwriting and investment results

    China Shipowners Mutual Assurance Association (China P&I or the Club) reported improved operating results in 2023, mainly driven by a combination of narrower underwriting losses and favourable investment income, notes AM Best.

    China | 09 Aug 2024
  • How insurance supports the maritime industry

    The "dynamic nature of maritime trade makes speed and service particularly important", according to Markel senior underwriter - marine Wanshi Lin.

    AIRPlus | 08 Aug 2024
  • UAE: West P&I Club's regional office established in DIFC

    West P&I Club will be the first International Group club to have a presence in Dubai, when its office in the Dubai International Financial Centre becomes operational by the autumn.

    Middle East | 04 Aug 2024
  • Asia: Lockton announces new appointments

    Lockton has appointed Mr Sung Wook Han as regional head of marine and Mr Jim Heng as head of partnership and distribution for people solutions - Asia.

    Asia | 02 Aug 2024