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IUMI Statistics report a continued reduction in total losses

IUMI Spring Statistics report on three key sectors : hull, cargo and energy The International Union of Marine Insurance (IUMI) has released its Spring Statistics which report on three key sectors:1. Hull Hull losses show a general downward trend in total loss frequency for most vessel types. The frequency of total loss since 1997, as a percentage of the world fleet, continues to decrease and has more than halved by both the number of vessels and tonnage. However, an overall increase in percentage of the frequency of heavy weather and grounding related total losses is reported. PA casualties also reduced year-on-year during the period 2007-2014. Groundings are reported as being a significant cause of this type of casualty.2. CargoCargo market statistics indicate the global economy is continuing to recover, although it remains volatile and uneven, and there has been a recent slowdown in key emerging markets such as China, Brazil and parts of Europe. Despite this continued recovery, inflation is likely to remain a factor due to the extent of economic slack in the major economies and the short term market interest rates continuing to be very low.Oil and gas prices have fallen sharply due to slower growth in key ...

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IUMI Statistics show total hull loss fall

Weather is the major cause of the total losses, grounding is the second The International Union of Marine Insurance (IUMI) has released its Spring Statistics which found the percentage of total hull losses have fallen to a record low.The figures which are the most comprehensive study into hull, cargo and energy insured losses available reported the frequency of total losses for ships above 500 GT increased marginally in 2012 compared to preceding years.However, overall, the trend of reduced total losses over the last 15 years continued. The frequency declined in 2013, now standing at a record low of 0.13% in terms of numbers and 0.05% in terms of tonnage.Age appears to be more of relevance for total losses of bulker carriers than for tankers. More than 60% of the dry cargo ships lost were bulkers older than 25 years in the period 2009-2013.However, weather continues to be the major cause of the total losses representing almost 50% of the vessels lost between 2009 and 2013. Grounding is the second most frequent cause accounting for 25% of the cases.The number of major incidents including total losses also continued to fall in 2013. The major single cause of serious losses remains from ...

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IUMI’s Ole Wikborg on Piracy

Ole Wikborg has spoken out on piracy As theInternational Union of Marine Insurance prepares for its upcoming annual conference, president Ole Wikborg has spoken out onpiracy.Mr Wikborg said the conference will have a significant focus onthe piracy problems in the Gulf of Aden and the Indian Ocean, as he deemed thatthe problems are, "an absolutely unacceptable disruption of global trade to which marine insurers must respond."He added: "The cargo as well as the hull and machinery insurance markets have made their contributions to mitigate the financial losses resulting from the hijacking or detainment of vessels. Insurers have also helped in negotiations with the pirates and to provide the funds demanded to release crews and return them safely to their homes and families."The decisions taken at the conference may well shape the future response of underwriters, and speakers will be urgingsolutions rasther than simplyreassessing the problems.One issue expected to be discussed at length is the use of armed guards, andthe vetting of maritime security providers.Source: Maritime Security Review

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