Global marine underwriting premiums down by 10.5% - IUMI

IUMI  – the  International  Union  of  Marine  Insurance  – unveiling  its  annual  statistical  report  on  the  marine insurance market at conference in  Genova, announced  global  underwriting  premiums  for 2015 of USD 29.9 bn. 

This is a 10.5% reduction on the  2014 figure.

The 2015 total  comprised income from the following regions:

Europe 50.4 %

Asia Pacific 27.1 %

Latin America 9.8 %

North America 5.9 %

Other 6.8 %

and the following business lines:

Global hull 25 %

Transport/cargo  52.9 %

Marine liability  7.1 %

Offshore/energy  15 %

Technical insurance  results for the 2014 underwriting year deteriorated  strongly for cargo, hull and  energy  sectors compared  with  last year’s  reported  data  for  the  same  period.  Results  always  deteriorate over time  due to the lag in registering and paying claims, but  the deterioration in 2014  was  above  average. This  was due  to  substantial,  but  not  unexpected,  increases  in  reported  outstanding loss reserves  for the 2014 underwriting year.