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25 September 2022 The on-line newspaper devoted to the world of transports 14:22 GMT+2

September 20, 2022

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In 2021, the positive market trend continued of marine insurance, but the scenario is changing

Seltmann (IUMI): Marine insurers are addressing extremely complex issues

In 2021, the positive trend of the marine insurance, but this year the scenario shows more difficulties caused by the effects of the war between Russia and Ukraine, inflation, rising energy costs and natural disasters. The recent market trend has been illustrated by the International Union of Marine Insurance (IUMI) in the its annual report 2021, which highlights that last year the worldwide value of insurance premiums in the shipping has reached 33 billion dollars, with a increase of +6.4% on 2020, growth - explained the association international insurers in the maritime field - which is was supported by the combination of the increase in world volumes of maritime traffic, the appreciation of the US dollar, the intensification of activities in the offshore sector and the higher value of ships.

IUMI announced that in 2021 57.4% of the value of premiums was relevant to the segment of the covers of the goods transported (57.2% in 2020), 23.5% in the body sector (23.8% in 2021), 11.8% to the offshore energy segment (12.1%) and 7.3% to the marine liability segment (6.8%).

At the regional level, in 2021 the total value of the prizes is result divided between 47.2% for Europe (47.7% in 2021), the 29.3% for Asia-Pacific (29.3%), 10.3% for Latin America (9.3%), 7.7% for North America (7.7%) and 5.5% for the others regions (6.0%).

"With reference to the profits made in 2020 - he commented Astrid Seltmann, Vice-Chair of the Facts & IUMI figures - 2021 was another positive year for marine insurers. It was the year in which the World trade has experienced a timid recovery, the awards are increased, the impact of claims was limited and, of as a result, there was an improvement in incidence of the leftfulness. However - seltmann specified - this the situation is mitigated by the economic uncertainties that today the world is facing. We are illustrating this data at a time in which several shocks have hit an already global economy weakened by the pandemic: there is no end in sight for the war in Ukraine, the soaring rise in energy costs and of global inflation, the gloomy outlook for the trade and the possibility of further related disruptions to the climate and the pandemic. Maritime insurers - highlighted - they are facing extremely complex issues."

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