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    ReCAAP ISC: No incident of piracy and armed robbery 19 – 25 September

    The Future of Maritime Safety 2023: 853 distress calls in 2022

    The Future of Maritime Safety 2023: 853 distress calls in 2022

    car carrier fire

    Bulk carrier suffers engine room fire in Sumatra, Indonesia

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    Always do what your gut tells you: Keep it healthy

    Book Review: A role model for ship managers

    Book Review: How we perceive and deal with luck in life and business

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    Meyer Werft to construct LNG-fuelled ship for NYK Cruises

    Meyer Werft to construct LNG-fuelled ship for NYK Cruises

    DNV: US and Canada will spend $12 trillion on renewable energy

    DNV: US and Canada will spend $12 trillion on renewable energy

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    K Line and ClassNK launch biofuel emissions reduction certificate

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    Sri Lanka receives interim insurance payment for X-Press Pearl disaster

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    Jotun Hellas pioneers vessel maintenance and safety with novel Aerial Drone Inspection Service

    IUMI explores the implications of digitalization on marine insurance

    IUMI explores the implications of digitalization on marine insurance

    UK-Singapore consortium achieves world’s first fully-digitalised shipment

    UK-Singapore consortium achieves world’s first fully-digitalised shipment

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    China conducts ballast water inspections to vessels arriving from Japan

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    M/V “HAKSA” refused access to the Paris MoU

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    IUMI explores the implications of digitalization on marine insurance

    IUMI explores the implications of digitalization on marine insurance

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    Tokyo MOU: Fire Safety is one of the most frequently detainable deficiencies

    Tokyo MOU: Fire Safety is one of the most frequently detainable deficiencies

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    Seafarer Stories: Capt. Cristian Bacanu, Master

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SAFETY4SEA

IUMI: Increase in cargo insurance premiums

by The Editorial Team
September 21, 2022
in Shipping
iumi cargo insurance

Credit: IUMI

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IUMI reports an increase in the 2021 cargo insurance premium base from 2020 of 8% to USD 18.9 billion alongside an improvement in overall loss ratios.

According to Isabelle Therrien, Chairperson of the IUMI Cargo Committee, “the cargo market has shown growth in 2021 partly due to a rise in the volume of cargo shipped globally combined with the pricing corrective measure still prevalent in that underwriting year. The much-needed correction has yielded favourable underwriting performance.”

However, she added that the industry is still facing headwinds as the global supply chain remains volatile and is still dealing with the aftershock of the pandemic while now adding inflationary pressures to the mix.

Cargo premiums increased in most markets, with China leading the growth in 2021. China now accounts for 14% of the cargo market, with the UK having a 12.2% market share. With 2021 claims starting at a low level due to subdued activity in 2020, loss ratios continue to improve in all markets.

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Ms. Therrien noted that companies are redesigning and diversifying their supply chains with concepts such as near-shoring, reshoring and friendly-shoring gaining in traction. These developments have the potential to change risk profiles in cargo insurers’ portfolios.

The pandemic has shown that factors such as stability and reliability when it comes to supply chains, are key to product availability. Our assureds are now also looking at different logistics, transportation and insurance solutions to manage this constantly evolving risk

Isabelle Therrien added.

Recently, IUMI presented its analysis of the 2021 marine insurance market trends, showing that global marine insurance premiums were up 6.4% on 2020, rising to USD 33 bn in 2021.

Lifted by a combination of increased global trade volumes, a stronger US dollar, increased offshore activity and higher vessel values, premiums for cargo, hull, offshore energy and marine liability rose in 2021. Insurers in Europe and Asia in particular saw premium growth.

Tags: IUMImarine insurancesupply chain
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