Tag: IUMI

The International Union of Marine Insurance (IUMI) held its annual Winter Meeting, discussing about fundamental challenges facing the marine insurance market. 

Since its launch four years ago the IUMI major claims database has grown considerably in size and improved its data, according to Dave Matcham, CEO of the International Underwriting Association of London (IUA) and Secretary of the IUMI Facts & Figures Committee.

IUMI released its 2022 global marine insurance market analysis, "IUMI Stats Report", noting that building on the gains made in 2020, 2021 was another positive year for marine insurers.

Lloyd’s Salvage Arbitration Branch (LSAB) will be revising their fee charging structure. LSAB currently only charges a ‘time’ based fee (i.e. an hourly rate) for each Lloyd’s Open Form (LOF) case they manage/support.

Mrs Patrizia Kern, Chair of IUMI’s Data & Digitalisation Forum and Chair, Poseidon Principles for Marine Insurance, Head Marine, Director at Swiss Re Corporate Solutions highlights the need for all industry stakeholders to play their part in contribution to the net zero transition.

The marine insurance industry needs to embrace data better if it is to successfully implement ESG aspirations, says Patrizia Kern, Chairperson of IUMI’s Data & Digitalization Forum.

Loss prevention strategies for wind powered and unmanned vessels, new cargoes such as electrical vehicles have quickly moved “out of the laboratory and in the real world,” says IUMI’s Loss Prevention Committee chairperson Pascal Dubois.

According to IUMI, recent macroeconomic and socio-political developments have put upstream energy center stage. In this context, offshore energy underwriters are key enablers and drivers for the rapid shift to sustainable energy.

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.

Opening this year’s IUMI annual conference in Chicago, President Richard Turner introduced “Adapting to a World in Transition” as this year’s conference theme, highlighting the impact of climate, asset, macroeconomic and geopolitical changes on marine insurers.