Tag: IUMI

Rama Chandran, chairperson on Ocean Hull Committee expressed concern over the long-term sustainability of the hull and machinery insurance sector.

The International Union of Marine Insurance (IUMI) reported an increase in the 2020 cargo insurance premium base (from 2019) of 5.9% to USD 17.2 billion alongside an improvement in overall loss ratios.

The offshore energy insurance sector continues its period of relative stagnation with IUMI reporting a global premium base for 2020 of USD 3.6 billion. 

Speaking at the International Union of Marine Insurance (IUMI) annual conference, chairperson of the IUMI Loss Prevention Committee, Pascal Dubois, called on marine insurers to recognize the vital role of loss prevention.

Cargo insurance has entered a new era that will deliver opportunities to those underwriters who embrace technology and harness its power.

The International Union of Marine Insurance presented its analysis of the latest marine insurance market trends during its annual conference which is being held online from Seoul, South Korea.

IUMI fully supports the shipping industry’s move to decarbonisation but recognises that adequate risk management provision must be in place to underpin the transition.

Speaking at its Spring Meeting held online last week, Richard Turner, President of the International Union of Marine Insurance (IUMI) reinstated the association’s focus on facilitating a sustainable, resilient and innovative future for the marine insurance industry.

IUMI focuses on the amendments made to the Code of Safe Practice for Cargo Stowage and Securing (CSS Code), in regards to weather-dependent lashing, heavy cargo items and semi-standardized cargoes such as vehicles on ro-ro ships, and provides a summary by GDV, German member association.

The updated guidance aims to improve the safety and security of seafarers, the environment, the cargo, and the ships and assist in the development of a proper cyber risk management strategy.