To enhance intra-African cooperation, the National Insurance Commission (NAICOM) has partnered with Ghana’s insurance regulatory authority. This collaboration aims to improve marine insurance practices in West Africa through knowledge sharing and regulatory harmonization, fostering local marine insurance coverage in Ghana and strengthening ties for a unified market attractive to global reinsurers.
The Nordic Association of Marine Insurers (Cefor) recently released its 2024 hull and machinery coverage report, revealing a surge in claim costs per vessel post-pandemic. Major claims exceeding $50 million increased by 22% compared to previous years, attributed to the industry’s shift towards larger vessels. Machinery damage, fires, and collisions were highlighted as leading causes of losses.
The Poseidon Principles for Marine Insurance has released its third annual disclosure report, showing growing support for the IMO’s decarbonization goals. Nine signatories and nine affiliate members across ten countries are committed to sustainability and risk management in the marine insurance sector. The report highlights efforts to align operations with global emission reduction targets.
This week’s editorial highlights India’s maritime advancements from 07 to 13 October 2024, including its re-election to the IMO Council and collaborative icebreaker construction with Russia. Key topics include maritime safety improvements, sustainable shipping innovations, and environmental initiatives, positioning India as a pivotal player in the global maritime landscape.
Burkhard Fischer, Chairman of the Association of Accident Regulators, addressed the challenges faced by the shipping industry post the Russian-Ukrainian war. The unexpected conflict left many vessels stranded, triggering debates on the need to review low war risk insurance premiums. Fischer emphasized the unique circumstances of each case in navigating these unprecedented challenges.
Insurers could face up to $3 billion in claims following the collapse of the Francis Scott Key Bridge in Baltimore. Lloyd’s of London companies are most at risk, with potential claims for damage to the bridge alone totaling $1.2 billion. Analysts predict additional liabilities for wrongful death and business interruption.
India plans to establish a national protection and indemnity (P&I) unit to provide shipowners access to high-risk insurance. The Ministry of Ports, Shipping and Waterways is in the initial stages of designing the unit, which aims to reduce dependence on international insurers and protect Indian interests in the global shipping landscape.
