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IUMI Stats Report 2020
This is the third in a series of annual reports launched in 2018. Its aim is to present a range of statistical data to help define the maritime sector and, more particularly, the marine insurance market.
Highlights from this year’s analysis includes:
- Global marine premiums across all sectors are relatively stable. Early signs of a modest market recovery are encouraging although COVID-19 has injected a new level of uncertainty.
- The gap between global hull premiums and global tonnage continues to widen, although at a slower rate. Hull loss ratios have improved slightly and a benign loss environment prevails (with the continued exception of large vessel fires). This, coupled with a reduction in underwriting capacity, seems likely to predict a market recovery, but from an exceptionally low base.
- Loss ratios for cargo underwriting have improved slightly. But global trade dipped sharply as a result of COVID-19 and accumulation of risk onboard and ashore continues to grow. A market recovery across all regions is reported, however.
- The fortunes of the offshore energy market tend to mirror the oil price which has been unstable, particularly during the pandemic. However, a low impact hurricane season (to date) is positive but a fragile balance between a low premium base and a low claims environment exists.
The full report is available to download HERE.
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