Tag: IUMI

During IUMI's conference in Cape Town, Astrid Seltmann, Vice Chair of the IUMI Facts and Figures Committee gave updates on the macroeconomic environment and shipping market and the global marine insurance market. As IUMI stated the market environment is improving in all fields. Yet, sustainability of results can only be maintained by a risk evaluation taking into account all risk aspects.

Fuel quality and safety was high on the agenda during MSC 100 in early December. On the occasion, IUMI highlighted that biofuels are not properly catered for under the ISO standard 8217 and urged IMO to encourage ISO to embark on the urgent amendment of the ISO 8217 to deal with biofuels and the 2020 sulphur cap.

The short video, published by the International Union of Marine Insurance, provides an overview of the Union's work since 1874 when international trade was growing and new markets were emerging. Operating at the forefront of marine risk, IUMI gives a unified voice to the market, tackling industry issues and challenges through effective representation and lobbying activities. 

On the sidelines of the International Union of Marine Insurance’s (IUMI) annual conference in late September, cyber security firm Naval Dome called on marine insurers to revoke the controversial 'Clause CL 380' and implement policies that insure against the risk of cyber-attacks on ship systems.

Sean Dalton, the International Union of Marine Insurance (IUMI) Cargo Committee Chair, reported that the marine cargo market is still the largest commercial marine line of business in terms of premium income. However, 2017 was the worst year for natural catastrophe losses in the history of the insurance industry. 

Richard Turner, European Director of Global Risk Solutions at RSA Insurance Group, has been elected as the new President of the International Union of Marine Insurance (IUMI), on the final day of the Union's annual conference in Cape Town, on 19 September. 

Although global premiums for the offshore energy insurance sector dipped by 5% in 2017, signs of recovery are on the horizon. This was the key outcome for the offshore sector of this year's International Union of Marine Insurance (IUMI) conference in Cape Town.

During the IUMI conference in Cape Town, Chair of the Ocean Hull Committee, Mark Edmondson, stressed a continuing deterioration of premium income against the more positive picture of an improving risk profile. Nevertheless, the international market has improved during 2018.

IUMI has been running the project for the past year to understand if is feasible to collect hull and cargo claims data for large losses. This is expected to be a unique database of large loss data for marine underwriters, who will not find this information anywhere else.

Presenting its annual statistical report on marine insurance at this week's annual conference in Cape Town, the International Union of Marine Insurance (IUMI) highlighted an increasing mismatch between income levels and covered risk, although global marine premiums were up by 2%