Marine insurance in 2023/2024. Rates up by up to 10%. The costs of sea transport and offshore services will increase

By Marek Grzybowski

New reinsurance protections for ships will apply from February 20, Steamship Mutual informs, citing the announcement of the Marine Insurance P&I Club. Insurance companies protect themselves against rising costs.

The overall risk coverage limit for charterers listed as co-insured under Owner’s Entry will increase from $350 million to $500 million in 2023. This is the global limit for pollution and non-pollution claims per incident, Gard P. & I. (Bermuda) Ltd with Assuranceforeningen Gard.

Arrangements for the renewal of International Group’s reinsurance program for the year beginning February 20, 2023, including Hydra Premiums, Collective Spill Cover, TRIA Allocation, War Insurance and Laid Up Rates, have now been finalized.

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