LONDON, March 4 (Reuters) - London's marine insurance market has added Libya to a list of areas deemed high risk as violence escalates in Africa's third-largest oil producer, a senior market official said on Friday.
Heavily armed rebels clashed with forces loyal to Muammar Gaddafi on Friday on the outskirts of the key oil terminal of Ras Lanuf as the head of Libya's rebel council vowed "victory or death".
"The emerging risk had reached a level where as a matter of prudence insurers will require notification from vessels calling to Libyan ports or waters," said Neil Roberts, a senior technical executive with the Lloyd's Market Association (LMA), which represents the interests of all underwriting businesses in the Lloyd's market.
"On the issue of pricing, that's a matter for individual negotiation on a voyage-by-voyage basis. It's likely that things will change on a day-to-day basis," he told Reuters.
วันพุธที่ 9 มีนาคม พ.ศ. 2554
Marine insurance for shipping firms set to rise this year
SINGAPORE : Marine insurance for shipping companies has increased significantly over the last year and it looks set to rise even higher this year.
Analysts said that a typical bulk carrier valued at US$50 million will now have to pay an estimated additional premium of US$50,000 a month.
This is partly due to rising piracy risks and political unrest in the region.
But analysts said the higher shipping costs would only be passed on to consumers and this would further add to their inflation woes.
Analysts said the outlook for the shipping industry looks rough this year.
Marine insurers are charging shipowners, such as Rickmers Maritime, higher insurance premiums and this will raise shipping rates.
Analysts said this is due to rising piracy risks globally.
Thomas Preben Hansen, CEO of Rickmers Trust Management, said: "There is no doubt, (with) additional war-risk premiums, which (are) put in place in the piracy-prone areas, the typical container carrier is faced with up to 30,000 to 40,000 dollars additional premiums (when) going through the piracy area."
Analysts added that with the political uncertainty in Korea and unrest in the Middle East, the insurance premiums for ships will rise even higher this year.
Teddy Tsai, deputy head of research at DnB Nor Bank, said: "Cargo cover will be influenced by higher events around the world. Last year, we saw things like the Korean missile test and things like that; some of these things can continue this year."
Shipping analysts added that Egypt's popular Suez Canal of the Red Sea is now considered a "higher risk area" by marine insurers.
As the majority of trade from Asia to Europe passes through the Suez Canal daily, most Asian shippers will have to incur these higher insurance premiums.
A spokesperson for General Insurance Association of Singapore (GIA) said that there are two main types of marine insurance - cargo and hull insurance.
GIA added that piracy and hijacking risks would have a greater impact on hull than cargo insurance, and in general, ship owners have to bear the higher insurance costs.
This is particularly so when the piracy involves the kidnapping of the captain and crew members for ransom.
However, shipping experts said that as shipping companies struggle to keep afloat and watch their bottomlines, they are unloading the bulk of these higher costs to their customers instead.
Mr Hansen said: "Whether there is an increase in fuel cost or insurance cost, or charter rates, ultimately it will be priced in the freight rate and passed on the consumer. So our carriers, our customers are paying these additional premiums, for the trade on most of our ships."
As a whole, however, analysts pointed out that overall insurance costs for shipping companies are still relatively low at less than 5 per cent.
Shipping analysts said that shipowners are passing the bulk of these increased costs to the shipliner companies, by charging them higher freight rates. These higher costs will eventually be absorbed by the average consumer on the street.
Analysts said that a typical bulk carrier valued at US$50 million will now have to pay an estimated additional premium of US$50,000 a month.
This is partly due to rising piracy risks and political unrest in the region.
But analysts said the higher shipping costs would only be passed on to consumers and this would further add to their inflation woes.
Analysts said the outlook for the shipping industry looks rough this year.
Marine insurers are charging shipowners, such as Rickmers Maritime, higher insurance premiums and this will raise shipping rates.
Analysts said this is due to rising piracy risks globally.
Thomas Preben Hansen, CEO of Rickmers Trust Management, said: "There is no doubt, (with) additional war-risk premiums, which (are) put in place in the piracy-prone areas, the typical container carrier is faced with up to 30,000 to 40,000 dollars additional premiums (when) going through the piracy area."
Analysts added that with the political uncertainty in Korea and unrest in the Middle East, the insurance premiums for ships will rise even higher this year.
Teddy Tsai, deputy head of research at DnB Nor Bank, said: "Cargo cover will be influenced by higher events around the world. Last year, we saw things like the Korean missile test and things like that; some of these things can continue this year."
Shipping analysts added that Egypt's popular Suez Canal of the Red Sea is now considered a "higher risk area" by marine insurers.
As the majority of trade from Asia to Europe passes through the Suez Canal daily, most Asian shippers will have to incur these higher insurance premiums.
A spokesperson for General Insurance Association of Singapore (GIA) said that there are two main types of marine insurance - cargo and hull insurance.
GIA added that piracy and hijacking risks would have a greater impact on hull than cargo insurance, and in general, ship owners have to bear the higher insurance costs.
This is particularly so when the piracy involves the kidnapping of the captain and crew members for ransom.
However, shipping experts said that as shipping companies struggle to keep afloat and watch their bottomlines, they are unloading the bulk of these higher costs to their customers instead.
Mr Hansen said: "Whether there is an increase in fuel cost or insurance cost, or charter rates, ultimately it will be priced in the freight rate and passed on the consumer. So our carriers, our customers are paying these additional premiums, for the trade on most of our ships."
As a whole, however, analysts pointed out that overall insurance costs for shipping companies are still relatively low at less than 5 per cent.
Shipping analysts said that shipowners are passing the bulk of these increased costs to the shipliner companies, by charging them higher freight rates. These higher costs will eventually be absorbed by the average consumer on the street.
วันพฤหัสบดีที่ 4 พฤศจิกายน พ.ศ. 2553
eap Boat Insurance Prices
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They also get a preview in the ideas available. The very best insurance policies vendors are individuals who’re firm and stand on its strategy charge that they deliver to their purchasers and possible customers.
An insurance plan supplier is good in their field if they obtain a high rating on their overall performance like a supplier. Remarks from customers are also an essential element.
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The dollars which you conserve for having cheap boat insurance may be utilized on other factors. It is possible to utilize it to retain your fishing boat.
Identify exactly where to obtain cheap boat insurance rates via the internet. Find out where to purchase discount boat insurance quotes from the internet.
Get your own cheap boat insurance as quickly as doable even though you’re not utilizing your sail boat or simply sitting around the docks. Your motorboat is on of one’s home that wants being protected.
It is like a home or even a auto. Every asset is a liability and this requires for being insured.
You wish to be covered just in case a thing occurs to it. You can easily secure cheap boat insurance by proceeding on the net.
Because from the need for insurance policies appropriate now, you are going to recognize which you are just 1 in amillions of investors that are thinking of investing their hard-earned cash in insuring theirboat. So in the event you head out for the open drinking water altogether, you’re all included.
This really is what they say about insurance. It is better that you simply have it and not need to have it, than require it but not have it.
There are quite a few cheap boat insurance quotes to choose from. Web-sites give info to feasible customers online, this can give them strategy on how the can insure their sail boat.
They also get a preview in the ideas available. The very best insurance policies vendors are individuals who’re firm and stand on its strategy charge that they deliver to their purchasers and possible customers.
An insurance plan supplier is good in their field if they obtain a high rating on their overall performance like a supplier. Remarks from customers are also an essential element.
You will likely see weblinks to the webpage in the insurance policies companies in the event you appear into cheap boat insurance quotations. Seize your opportunity and click around the link so you’ll be able to see the recommendations in the consumers.
If you are questioning about the special discounts that come using the cheap boat insurance, you shouldn’t question anymore mainly because the estimates that you just check out will very easily give you the answers which you are trying to find. Compare other strategies to assess you on what arrangement to contemplate.
If you are able to get insurance policies in a cheaper rate, why ought to you purchase insurance coverage that are offered to you at the standard selling price?
The dollars which you conserve for having cheap boat insurance may be utilized on other factors. It is possible to utilize it to retain your fishing boat.
Identify exactly where to obtain cheap boat insurance rates via the internet. Find out where to purchase discount boat insurance quotes from the internet.
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