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Spike in larger marine insurance claims worldwide
NINE incidents have been reported worldwide to the protection-and-indemnity(P&I) clubs in the first seven months of the current policy year. As a result, it appears there will be heavier pool claims than last year, although much will depend on the eventual outcome of salvage and other operations to mitigate losses.
The 13 International Group clubs pool claims above US$10 million, in effect providing themselves with reinsurance at cost, and then turn to Lloyd's and reinsurance markets to cover the highest-value casualties, reported TradeWinds of Oslo.
Nine pool claims were notified for the year to February 2017, compared with 15 the previous year. Of the nine notifications for the current year, eight involved collisions or groundings. Unusually, two involved fatal collisions with US warships in the Far East.
The biggest tragedy in terms of loss of life is the sinking of the 266,141-dwt Stellar Daisy (built 1993), converted from a VLCC to a very large ore carrier. Structural failure while fully laden with a cargo of iron ore is suspected.
The grounding of the 2,194-TEU Kea Trader (built 2017) in remote waters off New Caledonia has triggered a complex salvage operation in which containers are being lifted off the vessel by a heavy-lift helicopter.
Overall, the benign claims climate continues to favour the P&I clubs, which rang up a collective profit of $585 million last year to lift their combined free reserve to $5.3 billion.
The 13 International Group clubs pool claims above US$10 million, in effect providing themselves with reinsurance at cost, and then turn to Lloyd's and reinsurance markets to cover the highest-value casualties, reported TradeWinds of Oslo.
Nine pool claims were notified for the year to February 2017, compared with 15 the previous year. Of the nine notifications for the current year, eight involved collisions or groundings. Unusually, two involved fatal collisions with US warships in the Far East.
The biggest tragedy in terms of loss of life is the sinking of the 266,141-dwt Stellar Daisy (built 1993), converted from a VLCC to a very large ore carrier. Structural failure while fully laden with a cargo of iron ore is suspected.
The grounding of the 2,194-TEU Kea Trader (built 2017) in remote waters off New Caledonia has triggered a complex salvage operation in which containers are being lifted off the vessel by a heavy-lift helicopter.
Overall, the benign claims climate continues to favour the P&I clubs, which rang up a collective profit of $585 million last year to lift their combined free reserve to $5.3 billion.
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