The deadly fires aboard the ferries “Nordic Atlantic” just before New Year 2014 and the “Sorrento” in April 2015, prompted an international response from the UN International Maritime Organization (IMO) in May 2015.
Today, in Hong Kong, the International Union of Marine Insurance (IUMI) announced the opening of a new overseas hub in Asia – this is the first time in the organisation’s 142 year history that it has established a permanent presence outside of Europe.
At yesterday’s IUMI marine insurance conference in Genova, Cargo Committee chairman Nick Derrick announced a reduction in global cargo premiums by 9% from 2014 to 2015, the total premium value being US$15.8 billion. He stated a combination of a strong US dollar and falling cargo values as the main reasons for the decline.
Closing this year’s IUMI 2016 marine insurance conference in Genova today, IUMI President, Dieter Berg expressed concern over the increasing number of large marine losses and their potential to put severe financial strain on insurance companies.
Global premium income related to ocean hull insurance for 2015 was down by 8.4% compared with the previous year and totalled USD 7.5 bn. Although the global fleet continued to grow, average insured vessel values fell and this had impacted negatively on premium income.
IUMI – the International Union of Marine Insurance – unveiling its annual statistical report on the marine insurance market at today’s conference in Genova, announced global underwriting premiums for 2015 of USD 29.9bn. This is a 10.5% reduction on the 2014 figure.
At the annual IUMI marine insurance conference in Genova, which got underway this morning, IUMI President Dieter Berg received a generous donation of €100,000 from the Hong Kong Federation of Insurer’s (HKFI) to support IUMI’s new education programme.