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28 September 2021 The on-line newspaper devoted to the world of transports 08:43 GMT+2



September 6, 2021

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IUMI, the marine insurance market is in improvement, even if the future is uncertain

Last year the value of premiums increased by +6.1%

In 2020, the value of insurance premiums in the shipping has been estimated at about $30 billion, with an increase of +6.1% compared to the previous year. He made it noto The International Union of Marine Insurance (IUMI) presenting today in Seoul, during the annual conference of the association, its analysis of the latest trends in the market of marine insurance. In particular, last year 47.7% of the total value of the prizes was relative to the European market, the 29.3% to that of Asia-Pacific, 9.3% to the American market Latin, 7.7% to North American and the remaining 6.0% to others regional markets. In addition, in 2020 the largest share of the value total premiums were that of the segment insurance of transported goods (57.2%), followed by those of "body" insurance (23.8), of the segment energy/offshore (12.1%) and Marine Liability (6.8%).

Commenting on these data Astrid Seltmann, vice president of the IUMI's Facts & Figures committee noted that "it looks like that the European market has bottomed out in 2019 and now it is is strengthening again, while the Asian market continues to enjoy year-on-year growth that began in 2016." Seltmann specified that the improvements found in 2020 in all regions 'are largely due to a strengthening of the combined premium base with a very strong impact content of claims. This is a positive trend, but - it has specified - given that this recovery started from a threshold very low, it is not yet clear whether the current improvement will continue in the coming years ensuring greater predictability to shipowners, owners of goods and Insurers. The recent scenario of claims - he specified again Seltmann - was relatively favorable, which must be related to the reduced activity in 2020 of certain segments of shipping, such as cruises and transport of containers, as a consequence of Covid measures. With the recovering economy and the increase in transport activities maritime and offshore you can expect that even the the frequency and severity of claims will increase again."

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