Tag: IUMI

IUMI Warns Cargo Underwriters over West African Piracy

IUMI Supports Effort to Establish Arctic Marine Best Practice Declaration

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

Weather continues to be the main cause of total losses The average size of dry bulkers and tankers suffering total losses is continuing to rise, according to the International Union of Marine Insurance, with underwriters warning that major casualties at sea are continuing at a high level.IUMI statistics show 623 losses have been reported to date for 2010, meaning the tally of losses will likely be as bad as in the previous two years.Moreover, the number of total losses for both 2008 and 2009 has increased during the past year - for 2008, the number of reported total losses has increased from 89 to 96, and for 2009 from 67 to 86.Weather continues to be the main cause of total losses, followed by groundings.