Otonomi, an insurtech startup, has expanded its parametric cargo insurance to include more transport modes. Initially focusing on aviation cargo, Otonomi has now added maritime and intermodal coverage.
Tag: cargo insurance
WTW Announces Market First Facility for Cargo and War-on-Land Risks in Ukraine
WTW, a leading global advisory, broking and solutions company today announced a partnership with Ukrainian insurer, VUSO, to provide a London market backed facility covering cargo and, crucially, war-on-land risks.
Insurers Could Face Losses of Up to $4B after Baltimore Bridge Tragedy
Baltimore’s Francis Scott Key Bridge collapse could cost insurers billions of dollars in claims, analysts say, with one putting it at as much as $4 billion, which would make the tragedy a record shipping insurance loss.
Marine Mutual Britannia Confirms Insurance Role in Baltimore Bridge Ship Collision
A marine protection and indemnity insurer confirmed it is part of coverage for a container ship that hit a bridge in Baltimore, collapsing the bridge and causing unknown damage at this time.
Cargo Thefts Spiked 68% in Q4, Led by Food and Beverage Freight
Cargo thefts surged 68% year over year (y/y) in the fourth-quarter of 2023 compared with 2022, according to CargoNet, a subsidiary of data analytics firm Verisk. During the third quarter of 2023, cargo thefts were up 57% y/y compared to the same year-ago period.
U.S. Container Imports Robust in February
February’s U.S. container import volumes decreased 6% from January — a better-than-expected performance as the sector enters its slow season. But other signs point to potential softness in domestic freight in March and April.
Container Shipping Rates Spike as Red Sea Crisis Draws First Blood
For cargo importers, the outlook is now clear: higher freight costs and longer delays. For liner profits, sentiment is increasingly bullish — but there are uncertainties.
Ship Insurance Facility Set Up for Ukraine Grain Exports, Says Broker Miller
A new marine insurance facility for Ukrainian grain exports using the country’s sea corridor has been set up in conjunction with Ukraine’s authorities, insurance broker Miller said on Tuesday.
How an Insurer Helps a Shipper Stay Above Water
Zurich and some other insurers with big fleets of engineers, including Chubb and FM Global, are advising companies on how to fortify their properties against expected higher sea levels, storm surges, fiercer wind storms, wildfires and more intense rainfall.
Bill Introduced to Boost U.S.-Flag Shipping
Rep. John Garamendi, D-Calif., introduced a bipartisan bill aimed at revitalizing US-flag shipping for international government cargo on Friday. Rep. Bob Gibbs, R-Ohio, co-sponsored the Rebuilding the United States-Flag International Fleet Act, which would reinstate a requirement that at least 75% of gross seaborne tonnage for international food aid programs be carried on US-flagged vessels.… Continue reading Bill Introduced to Boost U.S.-Flag Shipping