• 2022 September 21 11:58

    IUMI reports rising cargo insurance premiums

    The International Union of Marine Insurance (IUMI) reports an increase in the 2021 cargo insurance premium base (from 2020) of 8% to USD 18.9 billion alongside an improvement in overall loss ratios. Speaking at this year’s Chicago conference, Isabelle Therrien, Chairperson of the IUMI Cargo Committee said:

    “The cargo market has shown growth in 2021 partly due to a rise in the volume of cargo shipped globally combined with the pricing corrective measure still prevalent in that underwriting year. The much-needed correction has yielded favourable underwriting performance. However, the industry is still facing headwinds as the global supply chain remains volatile and is still dealing with the aftershock of the pandemic while now adding inflationary pressures to the mix.”

    Cargo premiums increased in most markets, with China leading the growth in 2021. China now accounts for 14% of the cargo market, with the UK (Lloyd’s of London and the International Underwriting Association) having a 12.2% market share. With 2021 claims starting at a low level due to subdued activity in 2020, loss ratios continue to improve in all markets.

    She noted that companies are redesigning and diversifying their supply chains with concepts such as near-shoring, reshoring and friendly-shoring gaining in traction. These developments have the potential to change risk profiles in cargo insurers’ portfolios.

    Isabelle Therrien added: “The pandemic has shown that factors such as stability and reliability when it comes to supply chains, are key to product availability. Our assureds are now also looking at different logistics, transportation and insurance solutions to manage this constantly evolving risk.”
     
    The International Union of Marine Insurance (IUMI) represents 44 national and marine market insurance and reinsurance associations. Operating at the forefront of marine risk, it gives a unified voice to the global marine insurance market through effective representation and lobbying activities. As a forum for the exchange of ideas and best practice, IUMI works to raise standards across the industry and provides opportunities for education and the collection and publication of industry statistics. IUMI is headquartered in Hamburg and traces its roots back to 1874.




2024 March 2

15:29 SolarDuck and its two partners ink collaboration agreement for a grid-scale offshore hybrid wind-solar project in Italy
13:41 Port of LA awards $1.5M in community investment grants for FY2023/24
11:18 Canadian Coast Guard issues fine for a hazardous vessel
09:37 IAA PortNews’ top headlines, Week 09

2024 March 1

18:00 Altera Infrastructure announces strategic divestment of ALP Maritime Services
17:31 Yangzijiang Shipbuilding books $7.1 billion of newbuilds in 2023
17:14 Sanmar starts construction of the world’s first methanol-fuelled escort tugs
16:41 The Green Award welcomes 8 New Japanese ports
16:05 HAV Group signs contract for design of Lavik-Oppedal ferries
15:52 KOTUG acquires joint venture interest in Kotug Seabulk Maritime
15:14 Equinor's Empire Wind 1 and Orsted's Sunrise Wind secure contracts in New York’s offshore wind projects
14:23 Fujairah bunker sales rise to five-month high in January 2024
13:51 Russia exported more than 700,000 metric tons of oil products from the Black Sea port of Novorossiisk in 2023 using small river barges
13:24 APM Terminals announces maiden call of Nordics only direct service to South America
12:56 Hapag-Lloyd increases rates from North Europe to India, Pakistan, Red Sea and Arabian Gulf
12:21 Ankara’s Port Başkent OIZ Eti Logistics Ankara Intermodal Terminal starts operations
11:42 European Commission makes €1bn available for recharging and refuelling points
11:17 ABB to supply Sea Change shore power connection at Portsmouth’s port
10:41 Karish North and second gas export riser online and new GSPA signed
09:48 MAN Energy Solutions opens up service hub in Singapore

2024 February 29

18:02 Gentari partners with SEDC Energy for Sarawak H2 hub
17:35 Port of Tanjung Pelepas inks purchase agreement for 6 ULCV quay cranes
17:12 BV research confirms central role of operational and energy efficiency in meeting shipping’s 2050 carbon budget
16:42 President Vladimir Putin encourages foreign companies to actively use the opportunities of the NSR
16:14 MABUX: Bunker Weekly Outlook, Week 09, 2024
15:56 President Putin calls for upgrading the country’s inland waterways core infrastructure
15:24 The Bollore Group and the CMA CGM Group announce the successful sale of Bollore Logistics to CMA CGM
14:41 CMA CGM resumes operations in the Red Sea
14:09 TotalEnergies to supply Sembcorp with 0.8 Mtpa of LNG for 16 years
13:44 MOL and Idemitsu Kosan to launch demonstration test of recycling used plastics generated aboard VLCC
13:22 Six Arctic expeditions on the 50 Let Pobedy nuclear icebreaker planned for 2024
13:15 NYK Group acquires UK-based delivery platform business for e-commerce operators
13:07 President Vladimir Putin: Russia intends to build effective logistics corridors with friendly countries
12:51 TECO 2030 and Umoe Mandal receives preliminary approval for high-speed vessel design
12:14 ClassNK has awarded AiP for the design of a multi-functional floating offshore windfarm support vessel
11:30 Port Houston container volumes up 4% to 332,961 TEUs in Jan 2024
11:10 Swedbank adopts Poseidon Principles for carbon footprint reporting of shipping portfolio
10:42 Authorities give Conoco Phillips permission to launch Eldfisk nord in the North Sea
10:24 LNG dual-fuel BYD Explorer No.1 visits Bremerhaven for the first time
09:47 DeepOcean to inspect pipelines for Equinor

2024 February 28

18:07 Fratelli Cosulich takes delivery of second LNG bunkering vessel
17:44 Idemitsu, Mitsubishi and Proman join forces to develop a clean ammonia project in the United States
17:13 CULines and IAL to launch a new South China – Vietnam – Thailand service SCT2 in March
16:47 Saudi container line Folk Maritime launched
16:25 China's shipbuilding industry grows in 2023 under US sanctions
15:58 Japan, China, and Greece retain global leadership in shipowning
15:32 Jumbo Shipping, SAL Heavy Lift and Intermarine join forces in new commercial joint venture
14:58 Port of Hamburg handled a total of 114.3 million tonnes of goods in 2023
14:23 SITC launches new "Weifang-Japan" service with successful maiden voyage
13:48 Pier 400 in the port of Los Angeles upgrades its terminal operations fleet
13:13 Congo becomes an LNG exporting country
11:59 DEME reports 2023 results
11:13 KOTUG Canada holds steel cutting ceremony for two high bollard pull methanol fueled escort tugs for Trans Mountain Expansion Project
10:46 MOL's ammonia bunkering vessel receives AiP from Bureau Veritas

2024 February 27

18:07 Serco named preferred supplier for Vard Marine's naval modernization project
17:45 Ascenz Marorka’s mother company acquires Danish VPS
17:22 Majestic Fast Ferry has commissioned Incat Crowther to design a new second generation 39-metre passenger ferry
16:47 FSRU reaches NFE’s Barcarena LNG terminal in Brazil
16:24 Wartsila introduces Ammonia Fuel Supply System to ease shipping’s transition to ammonia fuel
15:54 Piraeus Port Authority and Guangzhou Port Group sign MoU
15:14 DNO Norge orders Noble jack-up rig for drilling work in Norway
14:40 Stena Evolution and Shell team up for innovative deepwater drilling project in the Gulf of Mexico
14:23 OOCL adds the eight eco-friendly 24,188 TEU ship
13:40 Port of Tanjung Pelepas completes first LNG bunkering operation
13:02 HD Korea Shipbuilding wins $267.8 mln order for 2 car carriers
12:45 Wallenius Wilhelmsen declares options for four additional Shaper Class vessels
12:09 Consortium of MOL, ITOCHU Corporation, HIF Asia Pacific and JFE Steel Corporation to pioneer synthetic fuel supply chain and CO2 marine transport initiative
11:42 CMA CGM, COSCO SHIPPING, Evergreen and OOCL to extend OCEAN Alliance until 2032
11:18 The 7th Hydraulic Engineering Structures and Dredging Congress kicks off in Moscow
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