2021 IUMI Virtual Conference Recap
The International Union of Marine Insurance (IUMI) 2021 virtual Seoul conference was held on September 2-15. It was hosted by the General Insurance Association of Korea for the first time since the establishment of IUMI. This is the second year in a row the event was held virtually. The first year was last year for the online Sweden conference. The... […]
5 Major Natural Disasters of 2020
Natural disasters resulted in $210 billion of losses in 2020, as 26.5% increase from 2019, as countries around the world struggled to deal with record-breaking hurricanes, floods, and wildfires, on top of a global pandemic. Of those losses, about $82 billion in damages was insured. For the U.S. alone, 2020 set a new annual record with 22 billion-dollar... […]
Is your supply chain ready for the 2021 hurricane season?
As countries worldwide continue to struggle with the economic downturn caused by the coronavirus pandemic, the transportation industry is on high alert for potential natural disasters that could add even more stress on supply chains. […]
Update: Continuing COVID Impacts on the Supply Chain
With infection rates on the decline and vaccinations being mass produced at superspeed worldwide, many in the cargo industry are hopeful that COVID-19’s hold on our economy is easing up. It’s certainly a brighter picture than a year ago when transportation and trade faced major slowdowns and an unknown future. […]
The Risks of Mega-Ships: 5 Examples
More mega-ships, or Ultra-large Container Vessels, are in operation than ever before. However, this increase in marine traffic comes with its fair share of challenges, as recently addressed in Mega-Ships: The Answer or the Problem? In recent months, partially due to recent trade imbalance between China and the U.S., as well as the ongoing COVID-19... […]
Significant Losses To the Cargo Market: Hanjin
In August 2016, Hanjin Shipping filed for bankruptcy protection after months of trying to avoid this fate. This filing immediately triggered massive disruptions. Worried about receiving payments, ports refused to allow Hanjin’s vessels, sailors, and cargo (about 540,000 containers) to dock or unload, leaving them stuck at sea. Some ships were arrested... […]
Port Congestion at Los Angeles and Long Beach Impacts Cargo Market
The uncertainty experienced in the cargo market due to last year’s U.S.-China trade negotiations has been pushed aside by the global pandemic. Quarantine and stay-at-home orders have contributed to a large surge in online shopping—this, combined with social-distancing requirements for workers, has caused major bottlenecks at ports and throughout the... […]
The Ongoing Risk of Piracy In the Shipping Industry
Global pandemics, economic turbulence, and political shifts are typically the first things that come to mind when listing the biggest threats facing the shipping industry. But there is another prevalent and ongoing risk that many forget to consider: piracy. The reality of pirates is a lot darker than our cultural representations of Jack Sparrow or... […]
Danielle Jackson Joins Falvey Cargo Underwriting as Assistant Vice President in Canada
NORTH KINGSTOWN, RI, March 2, 2021 – Falvey Cargo Underwriting welcomes Danielle Jackson to its specialized team of underwriters, effective March 1, 2021. Danielle most recently worked with Intact Insurance Company in Toronto as a Senior Commercial Underwriter. […]
Significant Losses To the Cargo Market: Natural Disasters
Over the past few months, we’ve recapped some of the biggest losses in the cargo market, such as recent storage facility fires, and given our perspective on what these events mean for the industry going forward. In a continuation of that series, we’d like to reflect on some of the biggest cargo losses caused by natural disasters, some stretching back a... […]
