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.
