IUMI

IMO: Extreme maritime weather – symposium – 23-25 October – London

IMO: Extreme maritime weather – symposium – 23-25 October – London

International Symposium on Extreme Maritime Weather – Towards Safety of Life at Sea and a Sustainable Blue Economy

https://public.wmo.int/en/events/meetings/londonsymposium

Identifying ways to reduce the loss of life and property, damage to the environment, as well as disruptions to the economy from extreme maritime weather.

Millions of dollars in goods and thousands of lives are still lost at sea each year due to extreme weather...

http://www.allaboutshipping.co.uk/2019/09/25/imo-extreme-maritime-weather-symposium-23-25-october-london/

Global marine insurance premiums rise 1%, amid uncertain market development

The International Union of Marine Insurance (IUMI) presented its analysis of the latest marine insurance market trends. Specifically, marine underwriting premiums for 2018 were recorded at USD 28.9 billion, marking a single percentage point growth from 2017.

According to IUMI, with significant challenges facing the market, the modest increase is not significant to indicate an upturn in the fortunes of the marine insurance sector.

Commenting on the findings, Vice-Chair of IUMI’s Facts & Figures...

https://safety4sea.com/global-marine-insurance-premiums-rise-1-amid-uncertain-market-development/

Marine cargo market faces fast changes, IUMI says

Speaking at IUMI’s (International Union of Marine Insurance) annual conference in Toronto, Canada, Sean Dalton, Chair of IUMI’s Cargo Committee reported that the marine cargo market is in a state of ‘accelerating change’, driven by underwriters taking action to address unprofitable results and to improve performance.

As he explained:

On a global basis, the cargo line is unprofitable and has been for a number of years. Premiums have not been technically adequate to cover losses and expenses and,...

https://safety4sea.com/marine-cargo-market-faces-fast-changes-iumi-says/

Automation and digitisation in shipping: a lack of standardisation and regulation?

As the shipping industry has been shaken by a wide range of new technologies and digital innovations over the last years, there is an obvious lack of clarity and standardisation for the future, which requires a proper risk appreciation by the marine insurance industry, argues Mr. Henry Cunnington, Associate, Clyde & Co, and IUMI Professional Partner.

The shipping industry has recently seen a large number of exciting and futuristic proposals for automated and digital innovations. The intention is...

https://safety4sea.com/automation-and-digitisation-in-shipping-a-lack-of-standardisation-and-regulation/

Trends affecting the global marine insurance market

In an exclusive interview with SAFETY4SEA, Mr. Richard Turner, President of IUMI shares, his perspectives on the key challenges impacting the marine insurance market, noting that technology is going to play a major role by changing the current landscape. Technology and digitalization can be viewed as both a risk and an opportunity, Mr. Turner adds while also explains the important areas on which he is going to focus on during his term as IUMI President.

SAFETY4SEA: What are currently the trends...

https://safety4sea.com/cm-trends-affecting-the-global-marine-insurance-market/

IUMI: Total ship losses stand at 20-year low

Although the global fleet continued to grow at around 3% in 2018, the number of total losses (vessels over 500GT) stood at a 20-year low. However, the continued erosion of the global premium base means that attritional losses are becoming much more significant, and the increased risk has the potential to impact all marine underwriting sectors in 2019, said IUMI.

The International Union of Marine Insurance (IUMI) made these remarks on the current state of the hull, cargo and offshore energy...

https://safety4sea.com/iumi-total-ship-losses-stand-at-20-year-low/

Concerns Remain For Global Marine Underwriting – IUMI

tankerfire111

Whilst in general, major losses remain stable, the continued erosion of the global premium base means that attritional losses are becoming much more significant. The increased risk of large, more complex and costly claims has the potential to impact all marine underwriting sectors in 2019.

The International Union of Marine Insurance (IUMI) gave expert opinion on the current state of the hull, cargo and offshore energy insurance markets at its Spring Conference in Hamburg on 7-8 April 2019.

Hull...

https://www.marineinsight.com/shipping-news/concerns-remain-for-global-marine-underwriting-iumi/

Concerns remain for global marine underwriting, says IUMI

Concerns remain for global marine underwriting, says IUMI

Whilst in general, major losses remain stable, the continued erosion of the global premium base means that attritional losses are becoming much more significant. The increased risk of large, more complex and costly claims has the potential to impact all marine underwriting sectors in 2019.

The International Union of Marine Insurance (IUMI) gave expert opinion on the current state of the hull, cargo and offshore energy insurance markets at...

http://www.allaboutshipping.co.uk/2019/04/25/concerns-remain-for-global-marine-underwriting-says-iumi/

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