IUMI: Increase in cargo insurance premiums
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.
Read moreIUMI 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.
Read moreOpening 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.
Read moreThe International Union of Marine Insurance (IUMI) presented its analysis of the 2021 marine insurance market trends, showing that global marine insurance premiums were up 6.4% on 2020, rising to USD 33 bn in 2021.
Read moreSpeaking during the IUMI conference from Chicago, Rama Chandran, chairperson of the Ocean Hull Committee expressed concern over the long-term sustainability of the hull and machinery insurance sector.
Read moreInsurers have been used to dealing with sanctions for a long time. The sanctions against Iran 12 years ago led to a number of adaptions and the development of sanction clauses. It is, however, still a challenge for marine insurers to be aware of any new sanctions, to understand their impact and to comply with them, highlights Mr. Lars Lange, IUMI Secretary General.
Read moreAhead of the IUMI Annual Conference in Chicago, Richard Turner, IUMI President reflects on the lessons learned from the last four years and the new trends highlighting that albeit the volatile background, the marine insurance and reinsurance sector has continued to operate pretty well.
Read moreBIMCO, FONASBA, IAPH, IFSMA, InterManager, INTERTANKO, IPTA and IUMI have published a climate change glossary to clarify and harmonise definitions and terminology to ensure that discussions around climate change and potential solutions for the shipping industry are based on a mutual understanding of what the commonly used terms mean.
Read moreMr. Jens Jaeger, IUMI, highlights the spill risk of plastic resin pellets, so called “nurdles”, and work at the IMO to mitigate this risk.
Read moreIUMI published a statement on the Russian invasion of Ukraine, expressing its hope that regulators will collaborate with shipping to agree that any sanctions are feasible.
Read moreMr Lars Lange, IUMI Secretary-General, refers to the important work that IUMI’s ESG Working Group has undertaken for raising awareness for the increasing importance of marine insurance specific ESG issues.
Read more