The return of major losses in shipping and the increasing accumulation of risk, both onboard ships and ashore, is impacting various lines of the marine insurance market, according to International Union of Marine Insurance.
In its 2019 statistical report, the IUMI reports that the marine insurance market appears to have bottomed out with many markets reporting changing underwriting conditions. The prospect of any real market improvement, however, remains uncertain.
Hamburg-based IUMI represents 43 national and marine market insurance and reinsurance associations works to raise standards across the industry and provides opportunities for education and the collection and publication of industry statistics.
According to its annual report, global marine insurance premiums across all sectors saw a modest single percentage point rise in 2019. However, continuing uncertainty in national policies, geopolitical tensions, commodity prices and other factors is making the future prospects of the marine insurance market hard to predict.
IUMI has also witnessed the return of major losses and the increasing accumulation of risk, both onboard ships and ashore, as impacting various lines of business. Fires onboard containerships, in particular, is a growing concern for hull and cargo underwriters.
The steadying of oil prices is encouraging offshore reactivation but this is bringing its own challenges, according to the IUMI report.
The full report is available to download from IUMI’s website.