Independent journal on economy and transport policy
14:42 GMT+1
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IUMI, the marine insurance market is improving, even if the future is uncertain
Last year the value of premiums recorded an increase of +6.1%
September 6, 2021
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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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."
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
