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INTERNATIONAL UNION OF MARINE INSURANCE

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INTERNATIONAL UNION OF MARINE INSURANCE

At the forefront of marine risk




THE INFLUENTIAL AND TRUSTED VOICE OF GLOBAL MARINE INSURANCE


CURRENT ISSUES


IUMI PODCAST SERIES IUMI FACTS & FIGURES REPORT

IUMI Eye Newsletter December 2022

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Forthcoming webinars / 21st December 2022


11 MONTHS INTO THE UKRAINE WAR: IMPACT ON GLOBAL SPECIALTY LINES

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Podcast / 20th December 2022


SANCTIONS ON RUSSIA, OIL PRICE RESTRICTIONS, AND HOW THEY IMPACT MARINE INSURERS

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Podcast / 15th December 2022


IUMI EYE PODCAST NOW OUT

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TWITTER

 * 3h
   
   Francois du Plessis from AIG is researching the impact of climate change on
   marine cargo insurance. His work aims to understand whether climate change is
   a source of marine cargo insurance claims. Your participation in this survey
   will support his work: https://www.surveymonkey.com/r/QLQPQ5T 

 * Jan 3, 2023
   
   The loss of containers overboard has caused concerns in the maritime industry
   and beyond. The TopTier Joint Industry Project is looking to addresses this
   complex problem and has published three videos to help recognise and prevent
   dangerous roll motions: https://www.marin.nl/en/jips/toptier 

 * Dec 29, 2022
   
   #AlsumReseña| En una entrevista exclusiva con SAFETY4SEA , Patrizia
   Kern-Ferretti de @IUMI_marine y Swiss Re Corporate Solutions, explica que la
   descarbonización del transporte marítimo requiere un trabajo conjunto y
   colaborativo .
   Reseña completa:
   https://alsum.co/iumi-esg-no-tiene-sentido-a-menos-que-este-respaldado-por-datos-verificables/ …

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UPCOMING EVENTS

Welcome to IUMI’s Masterclass in Cargo Insurance! This unique qualification
programme has been designed by cargo insurance specialists to offer an exclusive
opportunity to deep dive into key concepts of this class of business. Gain
insights into contracts of affreightment, international programmes, coverage
extensions, CAT risks/accumulation, ESG/sustainability, and geopolitics. The
course is tailor-made for senior level underwriters and executives and will be
held in London in March 2023. The 3.5 day programme offers in-depth insights as
well as excellent networking opportunities. Find out more and register here!


IUMI STATS REPORT 2022

The annual IUMI Stats report presents a range of statistical data to help define
the maritime sector and, more particularly, the marine insurance market.

Highlights from the 2022 analysis includes:

 * 2021 saw a robust macroeconomic recovery, but in 2022 worries about inflation
   and recession are gathering. The International Monetary Fund (IMF) has
   lowered (Oct 2022) its global growth projection to 2.7%.
 * Global marine insurance premiums in 2021 reached USD 33 billion, up 6.4% on
   2020. Premiums have been lifted by increased global trade volumes, a stronger
   US dollar, increased offshore activity, higher vessel values and a reaction
   to deteriorating results in previous years. Insurers in Europe and Asia, in
   particular, saw premium growth.
 * The positive trend for the ocean hull business, starting in 2021, continued
   into 2022. Premiums grew 4.1% in 2021, reaching USD 7.8 billion. There was
   continued rapid growth in the Nordic region and China, but much weaker in the
   UK (Lloyd’s) market, where the decline of recent years continued. The
   extraordinarily benign claims impacted both the frequency and the cost in
   recent years and could achieve the recovery of previous years’ adverse
   results.
 * The cargo market saw an increase in premiums for 2021 to USD 18.9 billion,
   driven by increased global trade volumes. Also, in this segment, claims
   impact was comparably benign in 2021 and loss ratios in most markets
   improved.
 * The offshore energy sector saw an increase in overall premiums, reaching USD
   3.9 billion in 2021, representing a 6.9% increase in 2020. This is the second
   year of rise after six years of decline (2014 to 2019). The demand for
   offshore energy insurance typically tracks oil prices as projects become
   viable. Historically, there is an 18-month time lag between improved oil
   prices, authorised offshore expenditure, and unit reactivation. Loss ratios
   kept in recent years a fragile balance with significant loss events being
   absent, but with a long backlog in claims reporting, the youngest years still
   have to mature. With the oil price rally in 2022, more activity and, thus,
   demand for offshore energy insurance may be expected.

The full report can be downloaded here.

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IUMI CORPORATE VIDEO

Find out why IUMI is the trusted voice of marine insurance in this short video!

Take a look at what IUMI is about, what we do, who we are, and the value of our
organisation.


FOCUS


STATISTICS

A thorough and rigorous analysis of the global marine insurance market allows
IUMI to deliver authoritative statistics on global premiums and other relevant
indicators. IUMI statistics are widely accepted as the most accurate available.

 

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PROFESSIONAL PARTNERS

To broaden the debate and exchange expertise and ideas within the marine
insurance sector, we created the opportunity for those businesses which provide
a wide range of services to marine insurers to engage with the IUMI membership
on a more formal level.

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EDUCATION

IUMI runs a growing education facility which is aimed at raising standards
throughout the marine insurance sector through a series of its own seminars and
also through its support of courses organised by a range of global insurance
centres. 

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