IUMI – the International Union of Marine Insurance – presented its analysis of the latest marine insurance market trends.
In general, IUMI reported positive market development from most insurance lines except P&I, and from most geographic regions, stemming from an increased premium base, an extraordinary low claims frequency and a better-than-expected economic bounce-back from the initial effects of the pandemic.
Summing up, Philip Graham, Chair of IUMI’s Facts & Figures Committee said: “Our analysis for 2020 shows some signs of encouragement for market development in all main marine insurance lines and in all global regions. But we should remain cautious as there are a number of factors at play.”
“On the positive side, we are seeing new markets enter the marine insurance space, particularly offshore wind where project sanctioning has overtaken offshore oil and gas for the first time. Although currently a very small piece of the global energy mix – representing just 0.2% - offshore wind has the potential to grow rapidly and become a significant marine insurance line.”
By Jake Frith