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North Sea Ship Collision Could Cost Insurers Up to $100M, Hitting Marine Line’s Profits

Insurance Journal

The collision of a cargo ship and a fuel tanker off the eastern coast of England in the North Sea is likely to hit multiple marine insurance policies, carrying an estimated combined insured value of between $50 million and $100 …

Marine 130
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Markets/Coverages: Sompo Launches Marine Insurance Proposition for UK Market

Insurance Journal

Sompo, the Bermuda-based provider of commercial and consumer property/casualty insurance and reinsurance, announced the launch of a new national marine insurance proposition for the United Kingdom. Sompo’s Marine Cargo UK policy and its Transport & Logistics propositions are both designed …

Marine 264
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‘Geoeconomic Fragmentation’ Challenges Insurers: Geneva Association

Insurance Journal

January 2025 report from the Geneva Association, titled “Insurance in a Fragmented World Economy,” found that geopolitical tensions have driven the global economy toward “geoeconomic fragmentation.” ” Geoeconomics refers to the intersection of geopolitical forces and economic policies.

Insured 240
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Insurers Say Dark Fleet Oil Tankers Pose a Major Claims Risk

Insurance Journal

Marine insurance markets face significant risk from the growth of a shadow fleet of ships hauling oil from sanctioned producers like Russian and Iran, an industry group said. The opaque nature of the ownership of those vessels makes it hard …

Risk 258
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Insurance Considerations When Expanding Your Business to a New Location

Mark Jackson Insurance Agency

From property protection to liability coverage, ensuring your business insurance policies align with your expansion is critical. Heres what to consider from an insurance and risk management perspective when opening a new location. Workers Compensation Insurance to cover employee injuries on the job.

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Oil Tanker Insurance Payouts at Risk After UK’s Russia Sanctions

Insurance Journal

Transfers of oil at sea that involve a recently sanctioned Russian insurer may prevent western firms from paying claims if something goes wrong, a key provider of cover said. Moscow-based Ingosstrakh PJSC has emerged of a major insurer to Russian …

Risk 263
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Yacht Insurer OMAC Is Hull Carrier for Sunken Yacht in Sicily, Sources Say

Insurance Journal

Yacht insurance provider OMAC is the carrier on the hull for the Bayesian, a 56-meter-long (184-ft) sailboat, that was hit by a ferocious storm on Monday, sinking off the northern coast of Sicily, two sources with knowledge of the matter …

Insured 290