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!

This is the fourth 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 insurance premiums for 2020 increased by 6.1% from 2019 to reach USD 30 billion. This demonstrated real market development in all marine insurance lines (except P&I) for 2020, however early indications in 2021 are showing that continued development is uncertain.
• The hull underwriting sector grew by 6% in 2020 and global premiums reached USD 7.1 billion. Importantly, the gap between global premiums and global tonnage had begun to reduce. For the first time in many years loss ratios had improved to return the sector to a technical break-even position. However, any recovery had begun from a very low base and a return to more normal levels of shipping activity is likely to increase current low levels of claims frequency.
• As with the hull sector, cargo underwriting also returned to a technical break-even position in 2020 having achieved a 5.9% increase in global premiums to reach USD 17.2 billion. However, a likely increase in nat cat events going forward coupled with increased risk accumulations has the potential to impact cargo underwriting performance in 2021.
• An oil price rally reversed the fortunes of the offshore energy insurance sector in 2020 to halt the many years of a declining premium base – 2020 premium base was recorded as USD 3.6 billion. New underwriting potential is likely to result from increased offshore reactivation but this will bring additional risk and the possibility of an increase in the current extremely low levels of claims.

The full report is available for download.

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