Speaking at IUMI’s (International Union of Marine Insurance) annual conference in Toronto, Canada, Sean Dalton, Chair of IUMI’s Cargo Committee reported that the marine cargo market is in a state of ‘accelerating change’, driven by underwriters taking action to address unprofitable results and to improve performance.
The International Union of Marine Insurance (IUMI) presented its analysis of the latest marine insurance market trends. Specifically, marine underwriting premiums for 2018 were recorded at USD 28.9 billion, marking a single percentage point growth from 2017. According to IUMI, with significant challenges facing the market, the modest increase is not significant to indicate an upturn in the fortunes of the marine insurance sector.
London-based Stolt-Nielsen Limited foresees a negative financial impact on its tanker business, because of the fire at Intercontinental Terminals Company’s facility in Houston, which resulted to a chemical spill in the Houston Ship Channel.
Hapag-Lloyd, German liner shipping company, declared General Average concerning Yantian Express containership, that was stroke by fire. In conjunction with declaring General Average, the owners will set Average Adjusters that will be responsible for coordinating the collection of securities ans all documentation needed from parties that have interests in cargo, containers, vessel and fuel.
Sean Dalton, the International Union of Marine Insurance (IUMI) Cargo Committee Chair, reported that the marine cargo market is still the largest commercial marine line of business in terms of premium income. However, 2017 was the worst year for natural catastrophe losses in the history of the insurance industry.
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