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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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