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.
The International Union of Marine Insurance (IUMI) strongly supports the new mandatory requirement and adoption of the amendment to SOLAS regulation V1/2 for the verification of the gross mass of packed containers (resolution MSC.380(94)), which comes into force on 1 July 2016.
In general, the International Union of Marine Insurance (IUMI) welcomes the revised York-Antwerp Rules (YAR 2016) which were adopted by the Comité Maritime International (CMI) at its conference in New York last week.
Speaking at this year’s IUMI conference in Berlin, Simon Williams, Chairman of IUMI’s offshore energy committee reported continuous growth in the sector with 2015 capacity reaching around USD 7 billion - although he cautioned that USD 5.5 billion was more realistic.