Suez Blockage May Lead To Large Reinsurance Claims, Broker Willis Re Says
The blockage of the Suez Canal is likely to lead to large reinsurance claims, adding to upward pressure on marine reinsurance rates, James Vickers, chair of reinsurance broker Willis Re International, told Reuters.
April 2, 2021
Marine
Reinsurance Costs From Suez Obstruction To Exceed $100M: McGill & Partners
Analysts at specialist broker McGill and Partners believe that the re/insurance industry could be looking at costs in excess of $100 million due to the ongoing obstruction in the Suez Canal.
March 26, 2021
Marine
Salvage
Subrogation
Suez Canal Blockage Delaying An Estimated $400M An Hour In Goods
The stranded mega-container vessel, Ever Given in the Suez Canal, is holding up an estimated $400 million an hour in trade, based on the approximate value of goods that are moved through the Suez every day, according to shipping data and news company Lloyd’s List.
March 26, 2021
Litigation
Marine
Salvage
Salvage Of Georgia Shipwreck Delayed Again
An engineering problem has forced another delay before salvage crews can start removing an overturned cargo ship that’s been partially submerged on the Georgia coast for more than a year, officials said Wednesday.
October 9, 2020
Marine
Salvage
Georgia
Hurricane Hanna Aftermath: Storm Surge, Flooding Causes Widespread Damage Along South Texas Coast
As expected, Hurricane Hanna made landfall at around 5 p.m. Saturday just south of Baffin Bay as a Category 1 storm. What was not expected was the size of its storm surge and the devastation it would leave behind.
July 27, 2020
Marine
Property
Utah
8 Firefighters Injured By Explosion While Battling Cargo Ship Fire
While battling a large fire aboard a cargo ship at Blount Island, the Jacksonville Fire and Rescue Department said an explosion occurred, injuring firefighters. According to Fire Chief Keith Powers, eight firefighters were injured in the explosion, and an additional firefighter was treated for heat exhaustion.
June 5, 2020
Excess & Surplus Lines
Marine
Florida
Court Rules That Sunken Barge Damage Must Be Covered By Insurer
During repairs to the Coney Island Steeplechase Pier, a spud barge sank and damaged the pier further. The court had to decide if the insurer was responsible for the barge’s damages.
February 11, 2020
Litigation
Marine
Insurers Win Court Battle Over Bogus Pirate Attack Fraud
“The improbable can happen. But when a number of improbabilities occur consecutively within a short period of time it is very difficult to accept that they are coincidences.”
October 8, 2019
Fraud
Litigation
Marine
Coast Guard Contacts Crew Members Inside Capsized Cargo Ship Off Georgia Coast
Rescue teams made contact Monday with four crew members still inside the Golden Ray, a day after the cargo ship capsized off the coast of Georgia, according to the U.S. Coast Guard.
September 9, 2019
Excess & Surplus Lines
Marine
Georgia
Charles Taylor Adjusting Eyes US Growth Opportunities
International loss adjustment firm Charles Taylor Adjusting (CTA) has its sights set on growth in the US market. Its growth initiative started in January 2017 with the appointment of seasoned claims expert, Vince Cole, as chief executive officer of US operations. Under Cole’s leadership, CTA has enjoyed significant organic growth, doubling its revenues and earnings every quarter for the last nine quarters, and the firm has no intentions of slowing down.
June 24, 2019
Excess & Surplus Lines
Marine
Property
Risk Management
Chemical Spill In Houston Ship Channel After Vessels Collide
Much of the Houston Ship Channel remained closed Saturday a day after two vessels collided, causing a large gasoline blend spill and setting off another round of environmentalists concerns for the Gulf Coast.
May 13, 2019
Excess & Surplus Lines
Liability
Marine
Salvage
Texas
Samsung Fire & Marine Insurance Takes Minority Stake in Canopius
Canopius AG announced it has entered into a strategic partnership with Samsung Fire & Marine Insurance (SFMI). Under the terms of the transaction, SFMI will become a significant minority investor in Canopius.
May 3, 2019
Education & Training
Marine
Property
Worst Flooding Yet To Come For Waterlogged Carolinas
Deadly storm Florence moved across western North Carolina early on Monday and continued to dump rain that has nowhere to go except to swell rivers, flood highways and homes, and threaten more lives as it heads towards Virginia and New England.
September 17, 2018
Auto
Catastrophe
Marine
Property
North Carolina
South Carolina
Virginia
Hurricane Florence Comes Ashore As Category 1 Storm
Hurricane Florence is making landfall in North Carolina, creeping ashore at 6 mph — but bringing winds of 90 mph, a massive storm surge, and a rain system that will soak much of the state and South Carolina for days. Forecasters warn of "life —threatening, catastrophic flash flooding."
September 14, 2018
Marine
Property
North Carolina
South Carolina
Insurers Brace For Another Round Of Catastrophe Losses From Hurricane Florence
U.S. insurers are bracing for what could be $20 billion in losses as Hurricane Florence barrels toward the Carolinas and Virginia, bringing punishing rains and potentially deadly flooding.
September 13, 2018
Auto
Catastrophe
Marine
Property
North Carolina
South Carolina
Virginia
