Marine insurance sectors continues to struggle from 2012 losses

Marine Insurance

Marine insurance takes a grievous blow from Hurricane Sandy It has been nearly six months since Hurricane Sandy struck the U.S. and losses from the powerful storm are still being reported and tallied. The storm, which hit the East Coast in October 2012, caused widespread flooding throughout several states, but the storm surges created by the storm also had a powerful impact on the marine market, and not just in the U.S., but around the world. The International Union of Marine Insurance has released a new report highlighting the global…

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EU sanctions against Iran could mark a major shift in the world of insurance

European Union sanctions against Iran’s oil trade are expected to have a significant impact on the marine insurance industry, according to the International Group of P&I Clubs, a consumer association of marine insurance providers. In July, the EU’s sanctions will be enacted and will bar insurance companies from providing coverage to ships that are transporting Iranian oil. Companies that are unwilling to comply with the sanctions or cut ties with the nation are likely to pursue self-insurance, which could weaken the industry considerably as clients begin to exodus. European insurers…

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