IUMI: Concerns remain for global marine underwriting

The increased risk of large, more complex and costly claims has the potential to impact all marine underwriting sectors in 2019 according to the International Union of Maritime Insurance (IUMI).

Whilst in general, major losses remain stable, the continued erosion of the global premium base means that attritional losses are becoming much more significant, it noted.

Sean Dalton, chair of IUMI’s cargo committee, said: “Global cargo marine insurance has been unprofitable for a number of years – historically it was one of the most profitable lines of marine insurance. Whilst there are regional variations, on a global basis, premiums are not technically adequate to cover losses and expenses. This is major concern.