Posts tagged: marine insurance
Hyperion announces 55% stake in FP Group
4 February 2013
Posted in Press Releases
Tagged: FP Marine Risks, marine insurance, press release
Hyperion Insurance Group Limited, the international insurance intermediary group, and FP Group Limited (FP), the Hong Kong-headquartered specialist marine broking group, are pleased to announce their partnership today, with Hyperion taking a 55% stake in FP Group Limited. Founded in 1994, Hyperion Insurance Group has specialist broking and underwriting agency arms, with a total of [...]
Read more »Skuld announces premium adjustment for 2013 P&I renewal
19 October 2012
Posted in Blog
Tagged: general increase, marine insurance, P&I
The Club have observed an increase in the cost of attritional claims of 2% to 3% annually, and therefore ‘mutual’ premium will have to be adjusted upwards, independently of each Member’s statistical records. At the same time, in order to ensure adequate contributions to larger claims and Pool costs, the Club advises that a 2% [...]
Read more »Sanctions easing against Burma
25 July 2012
Posted in Blog
Tagged: Burma, Hull and Machinery, marine insurance, sanctions, trade
In light of recent human rights and democratic gains in Myanmar (Burma) – cemented by Aung San Suu Kyi’s success in April’s elections – there has been a considerable easing of Western sanctions. The US, the EU, Canada and many others have responded to the changing environment and as trade doors tentatively begin to open, [...]
Read more »FP announces investment into Shanghai-based HY Insurance Brokers
9 May 2012
Posted in Press Releases
Tagged: China, HY Marine Risks, marine insurance, marine insurance brokers, press release, Shanghai
Hong Kong and Shanghai, 9 May 2012: It was announced today that Hong Kong-headquartered Lloyd’s broker, FP Marine Risks, has received approval for an investment into Shanghai-based HY Insurance Brokers. Both companies are specialist marine insurance brokers. Following the investment, HY will change its name to HY Marine Risks to further emphasize the close working [...]
Read more »From the Titanic to Costa Concordia – how our seas are getting safer
30 March 2012
Posted in Blog
Tagged: hull market, losses, marine insurance, safety at sea, underwriters
A recent report has highlighted how the rate of total losses of marine shipping has fallen significantly over the last 100 years. “Safety and Shipping 1912-2012, from Titanic to Costa Concordia” published by Allianz Global Corporate and Speciality, focuses on losses of commercial vessels of 100GT or more since the sinking of the Titanic, and [...]
Read more »FP marks five years of CarbonNeutral status with Gansu Wind Farm
26 March 2012
Posted in Press Releases
Tagged: carbon emissions, carbonneutral, cargo insurance, FP Marine Risks, Gansu, insurance, marine insurance
Since 2007, FP Marine Risks has been offsetting carbon emissions that are generated through the company’s air travel. FP Marine Risks achieves its “CarbonNeutral Flights” status by working with The CarbonNeutral Company, based in London. Carbon footprint assessments are audited by accountants KPMG, and the offset projects chosen are in accordance with the CarbonNeutral Protocol [...]
Read more »FP Marine Risks Wins Biosecurity Award From Australian Government
14 March 2012
Posted in Press Releases
Tagged: ABARES, Australia, Australian Government, award, Biosecurity, Cargo, cargo insurance, farmer, fertiliser, FP Marine Risks, insurance, logistics, marine insurance, Outlook 2012, ports, shipping
FP Marine Risks, as part of a team of six Australian shipping industry companies, last week won an award from the Australian Government at the ABARES Outlook 2012 conference.The award recognised the company’s role in arranging the return of contaminated soil that could have caused extensive damage to agriculture and the environment. In May 2011, [...]
Read more »Piracy update 2011
9 December 2011
Posted in Blog
Tagged: armed guards, kidnap & ransom, marine insurance, piracy, Somalia
What follows is a short summary from FP Marine Risks’ updated piracy report, which is available by emailing info@fp-marine.com Over the course of 2011, piracy, particularly off the seas of Somalia, has refused to die down and continues to cause disruption to international trade and all enterprises involved in it. In the nine months to [...]
Read more »Sanctions update – Syria
7 December 2011
Posted in Blog
Tagged: marine insurance, reinsurance, sanctions, Syria
Current sanctions against Syria are predominantly targeted at certain SDNs and the country’s energy industry. (Re)Insurance related to crude oil and petroleum products are strictly prohibited, which also includes hull policies for tankers or any other vessel involved in such activities. International restrictions are constantly changing and updates provided are by no means exhaustive. If [...]
Read more »West of England announces 5% General Increase for 2012
28 November 2011
Posted in Blog
Tagged: general increase, marine insurance, P&I
The Club has adopted a 5% General Increase for the 2012 renewal of both P&I mutual entries and charterers’ entry. The cost of the Group reinsurance programme will be charged additionally as usual. The forecast additional call for mutual entries is 30% payable in August 2013, with a further 30% for release call. All deductibles [...]
Read more »Shipowner’s P&I Club have adopted nil General Increase for 2012
21 November 2011
Posted in Blog
Tagged: general increase, marine insurance, P&I
For the second consecutive year, the Shipowners P&I Club board had decided that no general increase will be imposed on the mutual entries for the coming policy year. In addition, any increased costs in the reinsurance programme will be absorbed by the Club. Entries will be reviewed individually though according to the claims performance and [...]
Read more »Gard announces a 5% General Increase
4 November 2011
Posted in Blog
Tagged: general increase, marine insurance, P&I
Gard’s Board has set the general increase for both P&I and FD&D mutual entries at 5% for the 2012 policy year. Changes in the cost of the reinsurance programme will be reflected in each Member’s premium. The deferred call is 25% of the advance call for 2012, and the 25% deferred call budgeted for 2011 [...]
Read more »Steamship announces 5% standard increase
3 November 2011
Posted in Blog
Tagged: general increase, marine insurance, P&I
The Steamship Mutual has announced a 5% standard increase for mutual and fixed business before any changes in the reinsurance costs are taken into account for the 2012 year. Standard deductibles will be increased to a minimum of USD5,000 and all deductibles below USD25,000 will be increased by USD1,000. Release calls for the 2009/10 and [...]
Read more »Britannia announces 5% General Increase
3 November 2011
Posted in Blog
Tagged: general increase, marine insurance, P&I
The Britannia Club has announced they will seek a 5% increase on advanced calls prior to any change in the reinsurance costs for the 2012 renewal. Such increases will be before any changes in the reinsurance costs. In addition, minimum deductibles have been set at USD7,500, USD1,500 and USD3,000 for cargo, crew and others respectively. [...]
Read more »UK P&I Club announces 3% General Increase
21 October 2011
Posted in Blog
Tagged: marine insurance, P&I
The UK P&I Club has announced a 3% General Increase for both fixed and mutual members for 2012, exclusive of any change in reinsurance costs which will be passed on to mutual Members. There is no Supplementary Call in excess of the mutual premium for any of the open years being 2009, 2010 and 2011 [...]
Read more »Marine insurance markets – a year on
20 July 2011
Posted in Articles
Tagged: Asia, Cargo, forecast, Hull and Machinery, marine insurance, soft market, tsunami
Written by FP Marine Risks and first published in the Asia Insurance Review, July 2011 Almost a year ago, we wrote about the marine insurance market from an Asian perspective. We said that to focus on “underwriting, underwriting, underwriting” in response to the global economic slowdown, suggested that insurers should seek rate rises, higher deductibles [...]
Read more »What freight forwarders should look for in their liability insurance
14 July 2011
Posted in Articles
Tagged: claims, defence, errors & omissions, freight forwarders, General Average, liability insurance, marine insurance
Written by FP Marine Risks and first published in HeavyLift Magazine, July 2011 When it comes to insurance, we only tend to find out the inadequacies of our cover when we make a claim. For example, when we purchase car insurance we may perhaps choose the cheapest option, but when we have to make a [...]
Read more »FP and Oceanic announce partnership
11 May 2011
Posted in Press Releases
Tagged: Australia, marine insurance
FP Marine Risks, a Lloyd’s broker, today announced its partnership with Queensland-based Oceanic Marine Risks. The partnership between two of Australia’s leading independent marine insurance brokers will create an expert network of marine specialists serving the Australasian retail and wholesale markets. Maria Dwyer, managing director of Oceanic, says: “We have worked closely with FP Marine [...]
Read more »Container shortages exposing freight forwarders to delay costs
24 December 2010
Posted in Blog
Tagged: Cargo, freight forwarders, liabilities, marine insurance
A shortage of containers is causing concern for freight forwarders and other container users, particularly as the subsequent impact from delays or damage can lead to additional financial costs. Container manufacturers struggled to keep their factories open during the global economic slowdown and many were forced to close and lay off workers. The sudden turnaround [...]
Read more »New hull syndicates in London signal good news for Assureds
4 November 2010
Posted in Blog
Tagged: capacity, Hull and Machinery, Lloyd's, marine insurance, premiums, rates
There has been considerable activity of late in the Lloyd’s Marine Hull Market. A series of underwriting groups are preparing to launch new Hull operations for the 2011 year of account. To date, we have heard confirmation of the following new entrants into the Marine Hull sector : 1) Barbican 2) Canopius 3) Liberty [...]
Read more »Recent articles
3 September 2012
Have recessionary risks hindered the opportunities available to Asian marine insurers? And is the future a profitable one?
18 February 2011
In light of continued disease outbreaks in fish farms around the world, Aquaculture Insurance must play a vital part of any risk management strategy.
Blog
6 December 2012
In recent months, three insurers have pulled out of the Hull and Machinery market as competitive pressures and a year of substantial claims take their toll.
28 November 2012
At the recent Meeting of the Association’s board of Directors, the general increase to be applied to the advance call rates for the 2013 policy year was set at 5%.
Press releases
16 April 2013
INTTRA, the world’s largest multi-carrier shipping network for ocean freight, has launched a new member service that enables shippers to purchase cargo insurance from marine insurance specialist, FP Marine Risks.
29 April 2010
FP Marine Risks builds direct retail business in Australasia through acquisition of specialist cargo insurance agency
Opinions
26 March 2009
26 November 2008