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.

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.