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The influential and trusted voice of global marine insurance

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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Current Issues

IUMI corporate video

We are pleased to announce the launch of our new corporate video that gives insights into why IUMI is the trusted voice of marine insurance! 

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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