Loss Prevention Advice
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Ship reinsurers have faced huge losses, leading the insurers of ships to cancel covering war risks in Russia, Belarus and Ukraine from January 1, 2023.
Currently, and due to the war in Ukraine, many P&I Underwriters are in no position to provide coverage for risks associated with war in the region from 1st January.
This was stated by a number of clubs, with the UK P&I mentioning that this problem had come to the forefront due to the lack of reinsurance for the reinsurers, which is called retrocession.
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The Norwegian Maritime Authority (NMA) maintained the High Risk Area (HRA) status for the western parts of the Indian Ocean.
To remind, the international shipping organisations are removing the High Risk Are (HRA) status for the western parts of the Indian Ocean from 1 January 2023.
The removal of the HRA reflects a significantly improved piracy situation in the region, largely due to concerted counter-piracy efforts by many regional and international stakeholders. No piracy attacks against merchant ships have occurred off Somalia since 2018.
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One incident of armed robbery against ships in Asia (CAT 4) from 27 December 2022 to 3 January 2023. The incident occurred to a chemical tanker while anchored at Kandla Anchorage, India.
With this incident, a total of five incidents were reported in India in the year 2022, which is the same as the total number reported in 2021.
Of concern in Asia is the continued occurrence of incidents in the Singapore Strait (SS), which reported a total of 55 incidents in 2022 compared to 49 incidents in 2021; and the threat of abduction of crew for ransom in the Sulu-Celebes Seas.
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India passed a Bill to provide an effective legal instrument to combat maritime piracy. The Bill provides for stringent punishment to those convicted of such crimes.
Moving The Maritime Anti-Piracy Bill, External Affairs Minister S Jaishankar said that “ensuring maritime security is key to safeguarding India’s security and economic well-being.”
As he explained, the security of sea lanes of communication is critical as more than 90% of India’s trade takes place by sea routes and more than 80% of the country’s hydrocarbon requirements was sea-borne.
The Bill also addresses the issue of death penalty as an “exceptional case” and the quantum of punishments envisaged are in line with the gravity of offences.