War Archives - InsuranceAsia News https://insuranceasianews.com/industry_segments/war-marine/ Wed, 18 Sep 2024 08:08:59 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 Global marine insurers bet on Asia amid growing geopolitical concerns https://insuranceasianews.com/iumi-bets-on-asia-amid-growing-geopolitical-concerns/ Wed, 18 Sep 2024 23:30:04 +0000 https://insuranceasianews.com/?p=162921 The International Union of Marine Insurance sees the region accounting for almost a third of the premium as an opportunity to grow its membership as war risks, sanctions and embargoes are affecting global shipping.  

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The International Union of Marine Insurance (IUMI) is keen to increase its focus on Asia, according to president Frédéric Denèfle.  
“Asia is looking ever more important to the global marine insuranc...

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]]> South-East Asia accounts for a third of global ship losses in 2023: Allianz Commercial https://insuranceasianews.com/south-east-asia-account-for-a-third-of-global-ship-losses-allianz-commercial/ Thu, 23 May 2024 23:12:32 +0000 https://insuranceasianews.com/?p=154419 South China, Indochina, Indonesia and the Philippines, is the main ship loss hotspot globally last year.

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South-East Asia, including South China, Indochina, Indonesia and the Philippines, is the main ship loss hotspot globally, accounting for almost a third of all losses last year or a total of eight lost...

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]]> Red Sea crisis has created new breed of maritime risks: Howden’s Morley https://insuranceasianews.com/howden-red-sea-cargo-war-insurance-sees-significant-demand/ Wed, 08 May 2024 23:30:31 +0000 https://insuranceasianews.com/?p=153580 The broker's dedicated war cargo cover, the first for an active conflict zone, has seen significant response from Asian cargo owners and manufacturers, associate director Ellis Morley tells IAN.

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Cargo owners across Asia and Europe have been accessing a specialist cargo cover for vessels transiting the Red Sea, as attacks on merchant vessels in the area have taken a new turn.
The Red Sea crisi...

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]]> More IG P&I clubs introduce buyback for Red Sea war risks from February 20 https://insuranceasianews.com/more-ig-pi-clubs-introduce-buyback-cover-from-february-20/ Tue, 20 Feb 2024 22:19:28 +0000 https://insuranceasianews.com/?p=146723 Some of the clubs will have the Red Sea and the Russia, Ukraine, Belarus excluded areas combined under the same structure with the new reinsurance panel.

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NorthStandard, London P&I Club and UK P&I Club told InsuranceAsia News (IAN) that they have been able to reinstate the reinsurance cover for the recently excluded Red Sea risks after Skuld, St...

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]]> Skuld cancels Red Sea war cover following notice by reinsurers https://insuranceasianews.com/skuld-cancels-red-sea-war-risks-following-notice-by-reinsurers/ Tue, 13 Feb 2024 23:00:41 +0000 https://insuranceasianews.com/?p=146191 The notice of cancellation will come into force on February 20, following which the war risk cover for assureds will be terminated automatically for trading or being within Gulf of Aden and Southern Red Sea and other specified areas.

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Skuld has cancelled certain war risks (primary / excess hull value) following a notice of cancellation from reinsurance, the club said in a press release.
The P&I club issued a notice of cancellat...

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]]> Escalating Red Sea crisis puts inflation, supply chain risks in focus https://insuranceasianews.com/red-sea-crisis-poses-inflation-supply-chain-risks-for-marine-underwriters/ Sun, 21 Jan 2024 23:34:41 +0000 https://insuranceasianews.com/?p=144434 As the immediate impact of the attacks on insurance becomes clearer, underwriters are turning their attention to broader risks that could emerge should the attacks continue.

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The ongoing attacks by Houthi rebels on Red Sea shipping have increased tensions throughout the region as the US and UK hit back with missile strikes and the rebels broaden the targets for attack. Asi...

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]]> Japanese trade insurer to cover US$680m loan for LNG purchases https://insuranceasianews.com/japanese-trade-insurer-to-cover-us680m-loan-for-lng-purchases/ Tue, 05 Dec 2023 02:44:04 +0000 https://insuranceasianews.com/?p=139534 In its first policy, the state-owned Nippon Export and Investment Insurance will cover a domestic credit facility to secure the country's energy supplies.

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Nippon Export and Investment Insurance (NEXI), a Japanese state-backed insurer, will insure a JPY100 billion (US$680 million) loan for LNG purchases extended by Sumitomo Mitsui Banking to power compan...

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]]> BOC Aviation gets US$208m settlement for jets stranded in Russia https://insuranceasianews.com/boc-aviation-gets-us208m-settlement-for-jets-stranded-in-russia/ Sun, 12 Nov 2023 22:22:35 +0000 https://insuranceasianews.com/?p=138220 The lessor would reportedly abandon legal claims after Russian airline Aeroflot clinched a deal with insurer NSK to pay off the Chinese company.

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Aircraft lessor BOC Aviation has received a US$208 million payment from Russian state insurer NSK in settlement for nine Boeing 737-800s leased Aeroflot, which were detained following Russia’s invasio...

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]]> Marine war premiums climb after fatal strike on Philippines-owned bulk carrier: report https://insuranceasianews.com/marine-war-premiums-rise-after-fatal-strike-on-philippines-owned-bulk-carrier-report/ Fri, 10 Nov 2023 10:02:56 +0000 https://insuranceasianews.com/?p=138184 Premiums have risen to 3% of the value of the vessel from around 1% before the attack on the vessel, which was insured for US$15m and damages seen at US$4m without liabilities for the crew, the report said.

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War risk insurance premiums have risen sharply after a missile damaged a Philippines-owned bulk carrier in the Ukranian port of Pivdennyi, according to a Reuters report.
A Russian missile hit the vess...

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]]> Strait of Hormuz in spotlight as Middle East war risks rise https://insuranceasianews.com/the-marine-market-is-on-high-alert-as-the-situation-escalates/ Sun, 22 Oct 2023 23:45:45 +0000 https://insuranceasianews.com/?p=136909 With a huge amount of oil and gas passing through the strait everyday, Asia's marine (re)insurance market on high alert as regional tensions escalate and premiums rise.

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Asia’s marine market is high on alert as the situation in the Middle East escalates with tensions between Israel, Hamas, Gaza and other countries in the region rising. There are some reports that the ...

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