Tag: IUMI

The 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.

Speaking 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.

Insurers 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.

Ahead 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. 

BIMCO, 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.

Mr. Jens Jaeger, IUMI, highlights the spill risk of plastic resin pellets, so called “nurdles”, and work at the IMO to mitigate this risk.

IUMI 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.

Mr 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.

A Code of Practice between the International Group of P&I Clubs and IUMI has recently been agreed in relation to future casualty situations that may give rise to the need for third party salvage services.

Joining many others in the call for a swift and peaceful end to the current Russian invasion of Ukraine, IUMI made a statement to reassure that marine underwriters will continue to support their assureds during this difficult time.