Search results for: insured loss

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A list of search results

  • 25 August 2015
    Business & Finance

    The total insured loss at Tianjin port, following the two blasts that ripped through the port on August 12th, has been estimated at CNY 5 – 10b (USD 833m – 1.67b), by China’s Central University of Finance and Economics and USD 1.0 – 1.5b by Credit Suisse. Tianjin, the port gateway to Beijing, is a major base for petrochemicals, […]

  • 25 August 2015
    Business & Finance

    The total insured loss at Tianjin port, following the two blasts that ripped through the port on August 12th, has been estimated at CNY 5 – 10b (USD 833m – 1.67b), by China’s Central University of Finance and Economics and USD 1.0 – 1.5b by Credit Suisse. Tianjin, the port gateway to Beijing, is a major base for petrochemicals, […]

  • 18 September 2018

    Losses the likes of Deepwater Horizon, Costa Concordia, prove there is a need to manage the ‘unthinkable’ risks.

  • 10 April 2014

    The International Union of Marine Insurance (IUMI) has released its Spring Statistics which found the percentage of total hull losses have fallen to a record low. The figures which are the most comprehensive study into hull, cargo and energy insured losses available reported the frequency of total losses for ships above 500 GT increased marginally […]

  • 24 December 2013

    Hercules Offshore, Inc. has received payment from its insurance underwriters for the damage to its Hercules 265 jack-up drilling rig which occurred in July this year when a fire broke out on the rig after a gas leakage had occurred. “The company’s insurance underwriters determined that the rig is a constructive total loss, and the […]

  • 17 January 2019
    Business & Finance

    Zeaborn Ship Management, BlocBox to ensure the safety of ships at sea through a blockchain-based project.

  • 17 September 2019
    Business & Finance

    The marine cargo market is in a state of ‘accelerating change’, according to IUMI.

  • 4 July 2014
    Business & Finance, Equipment, Research & Development, Technology

    Many developing countries have no adequate tools for an efficient flood risk management. With the increasing availability of large scale datasets, and new generations of weather and flood forecasting models, tools for assessing floods risk at the large scale are currently being developed. Recently, Deltares developed Global Flood Risk with IMAGE Scenarios (GLOFRIS). Increase or […]

  • 1 September 2015

    The death toll from the Tianjin port explosions has risen to 158 people, with 15 people still unaccounted for, the Associated Press reported citing local authorities. According to Tianjin’s government officials, the casualties were predominantly firefighters, a total of 94, who were rushed to the scene to contain the fires following the blasts, 11 policemen and 53 […]

  • 1 September 2015

    The death toll from the Tianjin port explosions has risen to 158 people, with 15 people still unaccounted for, the Associated Press reported citing local authorities. According to Tianjin’s government officials, the casualties were predominantly firefighters, a total of 94, who were rushed to the scene to contain the fires following the blasts, 11 policemen and 53 […]

  • 10 January 2017

    The Carbon Trust’s Offshore Wind Accelerator (OWA) has launched a new innovation competition on monitoring the condition of subsea cables to ensure that they are not damaged during the load out and installation process.  The competition aims to solve this challenge by identifying and supporting the development of novel condition monitoring systems for subsea cables. Entries […]

  • 5 August 2014
    Business & Finance

    As the Panama Canal prepares to celebrate its 100th anniversary, insurers are warning of the increased risks that will arise from the plan to double the cargo-carrying capacity of ships transiting one of the world’s most important waterways.   In a new report entitled “Panama Canal 100: Shipping Safety and Future Risks”, marine insurer Allianz Global […]

  • 10 January 2017
    Business & Finance, Equipment, Research & Development

    The Carbon Trust’s Offshore Wind Accelerator (OWA) has launched a competition to find and fund the development of innovative solutions to a challenge facing the offshore wind farm industry today: how to monitor the condition of subsea cables to ensure that they are not damaged during the load out and installation process. The competition aims […]

  • 18 July 2019
    Business & Finance

    Offshore wind industry must quickly respond to a changing global risk profile in order to avoid large-scale financial losses, GCube Insurance said. As the offshore wind sector expands globally, prices fall, and technology evolves, asset owners and investors are becoming increasingly exposed to technical and supply chain risks, alongside natural catastrophe and extreme weather, the renewable […]

  • 4 December 2012
    Business & Finance

    Munich Re has become the first insurance group to offer serial loss cover for offshore wind energy units. Corresponding cover for a North Sea wind farm has been signed by Marcus A. Wassenberg, Chief Financial Officer of manufacturer REpower, Dr. Thomas Blunck, member of Munich Re’s Board of Management, and Thomas Haukje, Managing Partner of […]

  • 15 September 2015
    Business & Finance

    The recent catastrophe at the port of Tianjin in China should be a “substantial wake-up call to all cargo insurers,” as large cargo losses are having a significant impact on the marine insurance sector, Nick Derrick, Chairman of the Cargo Committee at The International Union of Marine Insurance (IUMI), said during the union’s annual conference held in […]

  • 23 September 2016
    Business & Finance

    The increasing number of large marine losses can potentially put severe financial strain and overwhelm insurance companies, Dieter Berg, President of the International Union of Marine Insurance (IUMI), said during the closing of this year’s IUMI 2016 marine insurance conference in Genova, Italy. Berg cited the recent losses connected with the Chilean earthquake in 2010, the Japanese earthquake and […]

  • 15 September 2015
    Business & Finance

    The recent catastrophe at the port of Tianjin in China should be a “substantial wake-up call to all cargo insurers,” as large cargo losses are having a significant impact on the marine insurance sector, Nick Derrick, Chairman of the Cargo Committee at The International Union of Marine Insurance (IUMI), said during the union’s annual conference held in […]

  • 22 May 2013

    Salamander announces that an insurance claim is on-going relating to the North Kutei drilling campaign in Indonesia. The campaign has so far resulted in the South Kecapi oil and gas discovery and a suspended potential gas discovery at North Kendang-1. Operations on the Bedug-1 exploration well continue. As reported on 11 April 2013, the drilling […]

  • 25 October 2017

    A new insurance solution has been launched by the Swedish Club providing upfront cover for the uninsured losses that are expected to be recovered from a third party following a collision. Following a serious incident at sea, shipowners can find themselves struggling to maintain cash flow, despite having a sound business and a comprehensive set […]

  • 1 April 2015
    Business & Finance

    Exposures and risks are growing in size and complexity and these will require stable solutions in the future, according to the International Union of Marine Insurance (IUMI). The cost of salvage and wreck removal is dramatically increasing. It is estimated that Superstorm Sandy is the sixth costliest event in global insurance history. Cargo theft, mysterious […]

  • 20 September 2016
    Business & Finance

    Global marine underwriting premiums in 2015 amounted to USD 29.9 billion, down by 10.5% compared to the 2014 figure, and the trend of uncertainty is expected to continue, the International Union of Marine Insurance (IUMI) has warned. Technical insurance results for the 2014 underwriting year deteriorated strongly for cargo, hull and energy sectors compared with last […]