Learning from this tragedy could prove an invaluable lesson in risk mitigation with complex maritime operations, writes John Butler. In the early morning of 26 March 2024 the container ship Dali struck the Francis Scott Key Bridge in Baltimore forcing its dramatic collapse which was captured and circulated on television and social media across the world. This is a textbook example of a Black Swan Event, an unexpected incident that has disproportionately created a social and economic impact on a local area. This incident also shines a light on the offshore industry, maritime insurance, and the importance of Marine Warranty Surveyors. Continue reading “The Baltimore Bridge Black Swan Event and its effect on the insurance markets”
When Thai-flagged oil products tanker Smooth Sea 22 (IMO 9870991) suffered an explosion and a subsequent fire on 17th January, few realised that the event would expose a case of potential ship-identity fraud.
Poseidon Principles for Marine Insurance has published its first Annual Disclosure Report as a step forward towards transparency in the maritime and insurance sectors. In the report, eight of the world’s leading marine insurers have gathered and published client data to track their hull and machinery insurance portfolio’s climate impact. The goal is to support the industry’s green transition.
The International Union of Marine Insurance (IUMI) has published its 2022 global marine insurance market analysis known as the IUMI Stats Report. The report presents various statistical data from multiple sources, including IUMI’s data, to provide insight into the marine insurance market within the context of global trade and shipping. For the third year, IUMI Stats contains analysis from its major claims database, which now comprises 11,000 claims records amounting to USD 17.3 billion of major losses.
