Korea P&I Club offers to share casualty experience with IGP&I

CEO made offer on a recent visit to London

Korea P&I Club offers to share casualty experience with IGP&I

Insurance News

By Duffie Osental

The chief executive officer of Korea P&I Club has offered to share the reinsurer’s experience in handling two high-profile and environmentally sensitive salvage operations with members of the International Group of Protection & Indemnity Clubs (IGP&I).

Korea P&I Club’s CEO Bay Moon made the offer to IGP&I’s incoming chief executive Nick Shaw on a recent visit to London, according to a report from Trade Winds News. Under Shaw, IGP&I is currently exploring ways to share casualty and claims data among its 13 members in an initiative aimed at improving loss prevention and reducing accidents.

Earlier this year, Korea P&I handled claims involving the containership KMTC Hongkong, which caught fire in the Thailand port of Laem Chabang. The reinsurer also handled claims involving the grounding of the MV Solomon Trader near a protected marine area in the South Pacific in February.

“This is not just a matter for KMTC or Korea P&I, but how to avoid this type of accident must be studied more by the industry,” Moon told Trade Winds News. “What we faced and how we handled it is a lesson that needs to be shared with international group members.”

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