Major fires on container vessels are among the largest hazards for the global shipping industry and the insurance industry’s fears of a major cargo ship fire were realized on March 7th this year when a fire occurred on board ULCS Maersk Honam, reported Allianz Global Corporate & Specialty in its Safety And Shipping Review 2018.
As we once again watch a drifting, abandoned container vessel with flames billowing from the containers on her deck, the question must be asked: is it not time the marine industry finally does something about this?
A key to increased business and profits in the marine insurance industry is knowing your vessels and knowing your owners. This was one of the key points made by Ami Daniel, CEO of Israel-based insurance services company Windward.
Participants in a panel at Marine Insurance London 2018, held on Thursday July 5th, warned that the risks posed by emerging cyber threats were such that both Lloyd’s and the Prudential Regulatory Authority (PRA) were pressing for Cyber Attack Exclusion Clause 380 to be extended to include non-malicious attack.
France-based CMA CGM has launched a connected containers product, termed “TRAXENS by CMA CGM”, which the company said would enable clients to track their merchandise with data transmitted in near real time.