The scope and complexity of the losses and liabilities arising from the blocking of the Suez Canal by Ever Given will affect insurance markets and insureds globally for years to come
Marine insurers can expect to suffer long-term pain from the grounding of the Ever Given
Despite a reduction in hazardous cargo losses last year, non-declaration remains a problem and there has been a rise in losses from ‘non-hazardous’ cargo, such as grain and biomass
Boxship that caused a six-day shutdown of key waterway has been arrested despite go-ahead to sail from classification society, as Suez Canal Authority seeks resolution of dispute with owner
International Group pool faces huge hit with losses already running at an all-time high
With the P&I renewal season over, clubs faced some tough pricing decisions amid pressure to take into account both present and future challenges facing the market
The longevity of the P&I club business model is based on sustainability, but sustainability also has an economic dimension in the form of realistic risk pricing
With underwriting losses likely to be only partially offset by modest investment earnings, clubs are expected to see an overall decrease in free reserves for the last fiscal year
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