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19th September 2018

Richard Turner elected President of IUMI

Client news

Dieter Berg steps down after four years at the helm

 

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On Tuesday 18 September – Sean Dalton, the International Union of Marine Insurance (IUMI) Cargo Committee Chair reported that the marine cargo market remained the largest commercial marine line of business in terms of premium income. IUMI’s 2017 statistics showed global cargo premiums amounting to US$16.1 billion. Globally, the cargo line has been unprofitable for several years with rising loss ratios and expense ratios and this is of great concern to underwriters.

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Although global premiums for the offshore energy insurance sector dipped by 5% in 2017, signs of recovery are on the horizon. Speaking at this year’s International Union of Marine Insurance (IUMI) conference in Cape Town today, IUMI’s Offshore Energy Committee Chairman, James McDonald, explained:

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At yesterday’s IUMI conference in Cape Town, Chair of the Ocean Hull Committee, Mark Edmondson, highlighted a continuing deterioration of premium income against the more positive picture of an improving risk profile. However, the international market has shown signs of improvement during 2018, although continuing volatility and uncertainty in many sectors remained a concern.

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