Marine insurers reaffirm their commitment to supporting trade in the Middle East
The global marine insurance market continues to show resilience and is maintaining the availability of cargo, hull, liability and offshore energy cover despite increasing geopolitical tensions in the Middle East.
CargoCargo insurers across global markets remain committed to supporting trade flows, including in high-risk areas such as the Persian Gulf and Red Sea.
Although the evolving situation in the Middle East has prompted adjustments – particularly in war risk pricing and policy structures – significant capacity is still available. Many insurers are continuing to provide cover through established mechanisms, including cancellation and reassessment provisions, allowing for flexibility as conditions change. This approach reflects a measured response to heightened risk, rather than any reduction in market support.
Operational challenges remain significant. Shipping disruptions, including sharply reduced vessel traffic and rerouting, have increased complexity for clients. However, insurers are responding with tailored solutions and case-by-case underwriting to ensure continued protection for cargo interests.
HullThe global hull insurance market remains outwardly stable, supported by resilient shipping demand and strong freight earnings.
Even as geopolitical tensions reshape trading patterns, particularly around key transit routes, insurers continue to provide cover, adapting terms and pricing where necessary to reflect evolving risks.
The Middle East situation has introduced new operational realities, including rerouting and port congestion, but has not disrupted the availability of hull cover. Instead, underwriting is becoming more selective with increased focus on aggregation risk and voyage-specific exposures. This ensures that shipowners can continue to operate with confidence even in a more complex risk landscape.
Offshore EnergyIn the offshore energy sector, insurance capacity remains widely available, particularly for upstream risks, despite rising volatility linked to geopolitical developments.
Recent escalation in the Middle East, including impacts on energy infrastructure and supply flows, has introduced additional uncertainty into global markets. Nevertheless, insurers continue to provide cover supporting energy production and transportation activities worldwide.
While pricing and underwriting conditions are evolving to reflect increased exposures, there has been no systemic withdrawal of capacity.
Although the duration of the conflict in the Middle East remains uncertain, marine insurers have demonstrated their ability to adapt and have continued to provide adequate cover to support the continuation of trade in the region.
LiabilityLiability underwriters took the decision to adjust the way their non-poolable and charterers exposures were placed so they could be rated on a case-by-case basis. Most of those contracts were moved to that basis but there was no change to provision of cover under the main International Group of P&I Clubs (IG) programmes as those are non-cancellable.
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IUMI Statement: Marine Insurance in the Middle East
IUMI and the marine insurance community are closely monitoring the situation in the Middle East and, in particular, the safety and free passage of shipping in the Persian Gulf and Red Sea. As with all shipping interests, the safety of seafarers will be a priority for owners.
The situation remains fluid with a number of vessels being trapped in the Persian Gulf and many operators re-routing their vessels to avoid the high-risk areas. Insurers will be mindful of the impact this might have on accumulations at nearby ports as well as on the vessels and crews as they navigate longer sea routes. We are likely to see disruptions to supply chains in the short-term, as a result.
The granting of war cover for the Persian Gulf and Red Sea is and will remain available under specific agreement on a single voyage basis as long as navigation is authorised by governments and flag states. In the current fast-paced situation, insurers will regularly re-examine their ability and willingness to that provide cover.
By way of explanation – in circumstances such as these, some insurers will serve a Notice of Cancellation in relation to the cover their assureds have in place. This is to enable the insurer to reassess the risk and then reinstate the cover at adjusted terms. It is important to recognise that a Notice of Cancellation does not, necessarily, end the cover. War cover remains available for owners and operators wishing to take it.
It should be noted that IUMI members (in the main) provide property insurance (hull, machinery and cargo) whereas liability insurance is usually covered by Protection & Indemnity Clubs, many of whom operate under the umbrella of the International Group of P&I Clubs.
Εκπαιδευτικό σεμινάριο υψηλού επιπέδου της IUMI για την ασφάλιση μεταφερόμενων εμπορευμάτων στο Λονδίνο
Με εγκύκλιό της η Ένωση Ασφαλιστικών Εταιρειών ενημερώνει τα μέλη της ότι το επόμενο εκπαιδευτικό σεμινάριο υψηλού επιπέδου της IUMI για την ασφάλιση μεταφερόμενων εμπορευμάτων (Cargo) θα πραγματοποιηθεί στο Λονδίνο από τις 15 έως τις 18 Οκτωβρίου 2024.
Το εκπαιδευτικό αυτό σεμινάριο έχει δημιουργηθεί από ειδικούς στις ασφαλίσεις μεταφερόμενων εμπορευμάτων με στόχο να διευρύνει τις γνώσεις και την εμπειρία των συμμετεχόντων και απευθύνεται σε ανώτερα στελέχη εταιρειών. Περιλαμβάνει έξι ενότητες, τις οποίες διδάσκουν ειδικοί του κλάδου, workshops και ομαδικές ασκήσεις, καθώς και επίσκεψη στους Lloyd’s του Λονδίνου.
Η γραμματεία της IUMI ενημερώνει ότι υπάρχει ήδη η δυνατότητα δήλωσης συμμετοχής στο σεμινάριο.
Αναλυτικές πληροφορίες σχετικά με το πρόγραμμα σπουδών, τους υπεύθυνους μαθημάτων, το κόστος και τη φόρμα αίτησης μπορείτε να βρείτε εδώ.
IUMI Stats Report: Another positive year for marine insurers
The International Union of Marine Insurance (IUMI) releases its 2022 global marine insurance market analysis – known as the IUMI Stats Report.
The report presents various statistical data from multiple sources, including IUMI’s data, to provide insight into the marine insurance market within the context of global trade and shipping.
Also, for the third year, IUMI Stats contains analysis from its major claims database, which now comprises 11,000 claims records amounting to USD 17.3 billion of major losses.
Highlights from the 2022 report include:
2021 saw a robust macroeconomic recovery, but in 2022 worries about inflation and recession are gathering. The International Monetary Fund (IMF) has lowered (Oct 2022) its global growth projection to 2.7%.
Global marine insurance premiums in 2021 reached USD 33 billion, up 6.4% on 2020. Premiums have been lifted by increased global trade volumes, a stronger US dollar, increased offshore activity, higher vessel values and a reaction to deteriorating results in previous years. Insurers in Europe and Asia, in particular, saw premium growth.
The positive trend for the ocean hull business, starting in 2021, continued into 2022. Premiums grew 4.1% in 2021, reaching USD 7.8 billion. There was continued rapid growth in the Nordic region and China, but much weaker in the UK (Lloyd’s) market, where the decline of recent years continued. The extraordinarily benign claims impacted both the frequency and the cost in recent years and could achieve the recovery of previous years’ adverse results.
The cargo market saw an increase in premiums for 2021 to USD 18.9 billion, driven by increased global trade volumes. Also, in this segment, claims impact was comparably benign in 2021 and loss ratios in most markets improved.
The offshore energy sector saw an increase in overall premiums, reaching USD 3.9 billion in 2021, representing a 6.9% increase in 2020. This is the second year of rise after six years of decline (2014 to 2019). The demand for offshore energy insurance typically tracks oil prices as projects become viable. Historically, there is an 18-month time lag between improved oil prices, authorised offshore expenditure, and unit reactivation. Loss ratios kept in recent years a fragile balance with significant loss events being absent, but with a long backlog in claims reporting, the youngest years still have to mature. With the oil price rally in 2022, more activity and, thus, demand for offshore energy insurance may be expected.
Commenting on this year’s report, IUMI’s Secretary General, Lars Lange, said:
“We are reporting this data at a time when several shocks have hit a world economy already weakened by the pandemic. Indicators in many economies now point to an extended period of subdued growth. Marine underwriters are navigating some highly complex issues.
This report presents data on the global marine insurance market in the context of world economic performance, trade, and the shipping industry. We also offer commentary and opinions based on the data we have collected.
Building on the gains made in 2020, 2021 was another positive year for marine insurers. It was the year when global trade saw a tentative recovery, absolute premiums rose, claims impact was benign, and, as a result, loss ratios improved. However, this position is tempered by the significant economic uncertainties the world is facing today.”
Ο Ηλίας Τσακίρης νέος πρόεδρος της Επιτροπής Ocean Hull της Διεθνούς Ένωσης Ναυτασφάλισης
Νέος Πρόεδρος της Επιτροπής Ocean Hull της Διεθνούς Ένωσης Ναυτασφάλισης (IUMI) εξελέγη ο Ηλίας Τσακίρης, Διευθύνων Σύμβουλος της Hellenic Hull Management, διαχειρίστριας εταιρείας του American Club Europe στη διάρκεια του ετήσιου συνεδρίου που πραγματοποιήθηκε στο Σικάγο.
Για πρώτη φορά ένας Έλληνας ναυτασφαλιστής θα βρεθεί στο τιμόνι της Επιτροπής Ocean Hull της IUMI, εκπροσωπώντας την Ένωση Ασφαλιστικών Εταιρειών Κύπρου, γεγονός που επιβεβαιώνει για ακόμη μία φορά την εξέχουσα θέση της ελληνικής και της κυπριακής ναυτιλίας στην παγκόσμια ναυτιλιακή βιομηχανία.
«Είναι ιδιαίτερη τιμή που ηγούμαι της επιτροπήςOceanHull», επισημαίνει ο κ. Τσακίρης. «Δεσμεύομαι να συνεχίσω το εξαιρετικό έργο του προκατόχου μου κ. Rama Chandran και να υποστηρίξω τις πρωτοβουλίες του νεοεκλεγμένου Προέδρου του IUMI, κ. Frédéric Denèfle».
Ο Ηλίας Τσακίρης διαθέτει περισσότερα από 30 χρόνια επαγγελματικής εμπειρίας στον κλάδο των ναυτασφάλισης. Είναι πτυχιούχος της Ακαδημίας Εμπορικού Ναυτικού της Ύδρας, της παλαιότερης στην Ευρώπη και κάτοχος πτυχίου Ναυτιλιακών Σπουδών από το Πανεπιστήμιο John Moores του Λίβερπουλ.
Άρχισε την καριέρα του στη θάλασσα ως εκπαιδευόμενος Αξιωματικός Καταστρώματος, όπου και είχε εξαιρετικά γρήγορη ανέλιξη στις στην ιεραρχία, προτού αρχίσει να εργάζεται ως διακανονιστής ζημιών στο Λονδίνο.
Το 1995 εντάχθηκε στο δυναμικό της Hellenic Hull Management, διαχειρίστριας εταιρείας της ναυτασφαλιστικής Hellenic Hull Mutual Association Plc. Έγινε Διευθύνων Σύμβουλος της Hellenic Hull Management το 2005. Μεταξύ 2015-2016, για λογαριασμό του American P&I Club, ίδρυσε την American Hellenic Hull Insurance Company, η οποία μετονομάστηκε, από τον Φεβρουάριο του 2022 σε American Club (Europe).
Είναι θερμός υποστηρικτής των καινοτόμων προγραμμάτων που υιοθέτησε το IUMI και αφορούν τους περιβαλλοντικούς, κοινωνικούς και διακυβερνητικούς κινδύνους (ESG), καθώς και την εκπαίδευση, γεγονός που επιβεβαιώνεται από το εκτεταμένο δίκτυο συνεργασιών που έχει αναπτύξει προς την κατεύθυνση αυτή.
Η Hellenic Hull Management, πρωτοπόρος στα ζητήματα βιωσιμότητας στη ναυτασφάλιση, ήταν η πρώτη αμιγώς ναυτασφαλιστική εταιρεία μέλος των Αρχών για τη Βιώσιμη Ασφάλιση, του Προγράμματος των Ηνωμένων Εθνών για το Περιβάλλον (UNEPFIPSI) και της πρωτοβουλίας για τη Βιώσιμη Γαλάζια Οικονομία (UNEPFISBEFI), ενώ αποτελεί μέλος της πρωτοβουλίας για την επίτευξη μηδενικών εκπομπών στην ασφαλιστική αγορά (Net Zero Insurance Alliance), της πρωτοβουλίας για τη Διαφάνεια στην Ανακύκλωση Πλοίων (SRTI), του UN Global Compact και των Αρχών Poseidon για τη ναυτασφάλιση.
Ο Ηλίας Τσακίρης είναι επισκέπτης λέκτορας σε διάφορα ακαδημαϊκά ιδρύματα, μεταξύ των οποίων το Παγκόσμιο Ναυτικό Πανεπιστήμιο και το Πανεπιστήμιο Πειραιά.
IUMI launches new Masterclass in Cargo Insurance
The International Union of Marine Insurance (IUMI) is introducing a new Masterclass in Cargo Insurance. The programme will take place in London in March 2023 and will have a strong focus on key principles and practices of cargo insurance. It is IUMI’s first in-person training course.
Designed to deliver an advanced level of learning, the course has been created by cargo insurance experts to widen participants’ understanding and expertise in this field. IUMI’s Masterclass in Cargo Insurance is aimed at senior underwriters and executives who want to expand their knowledge of their own business. Individuals involved in the management of the cargo book of business that their insurers write will benefit most from the course.
The Masterclass in Cargo Insurance comprises five modules taught by industry experts with outstanding expertise in their respective fields.
“The Masterclass in Cargo Insurance is an excellent tool to enable practitioners to deep dive into key concepts of their line of business. It also offers a terrific opportunity to network with industry peers and to explore the characteristics of the London market,” said Sanjiv Singh, Education Forum Chair and Head, Marine & Specialty lines, General Insurance Council, Mumbai, India.
Breakout workshops and group exercises will see the participants take an active role to expand their learning and the view of the global cargo insurance business. A trip to Lloyd’s of London will enable delegates to explore the market’s history and meet with senior representatives from the Lloyd’s Market Association and Joint Cargo Committee. Two evening events will offer further opportunities for networking.
IUMI reports rising cargo insurance premiums
The International Union of Marine Insurance (IUMI) reports an increase in the 2021 cargo insurance premium base (from 2020) of 8% to USD 18.9 billion alongside an improvement in overall loss ratios.Speaking at this year’s Chicago conference, Isabelle Therrien, Chairperson of the IUMI Cargo Committee said:
“The cargo market has shown growth in 2021 partly due to a rise in the volume of cargo shipped globally combined with the pricing corrective measure still prevalent in that underwriting year. The much-needed correction has yielded favourable underwriting performance. However, the industry is still facing headwinds as the global supply chain remains volatile and is still dealing with the aftershock of the pandemic while now adding inflationary pressures to the mix.”
Cargo premiums increased in most markets, with China leading the growth in 2021. China now accounts for 14% of the cargo market, with the UK (Lloyd’s of London and the International Underwriting Association) having a 12.2% market share. With 2021 claims starting at a low level due to subdued activity in 2020, loss ratios continue to improve in all markets.
She noted that companies are redesigning and diversifying their supply chains with concepts such as near-shoring, reshoring and friendly-shoring gaining in traction. These developments have the potential to change risk profiles in cargo insurers’ portfolios.
Isabelle Therrien added:
“The pandemic has shown that factors such as stability and reliability when it comes to supply chains, are key to product availability. Our assureds are now also looking at different logistics, transportation and insurance solutions to manage this constantly evolving risk.”
IUMI reports rising cargo insurance premiums
The International Union of Marine Insurance (IUMI) reports an increase in the 2021 cargo insurance premium base (from 2020) of 8% to USD 18.9 billion alongside an improvement in overall loss ratios.Speaking at this year’s Chicago conference, Isabelle Therrien, Chairperson of the IUMI Cargo Committee said:
“The cargo market has shown growth in 2021 partly due to a rise in the volume of cargo shipped globally combined with the pricing corrective measure still prevalent in that underwriting year. The much-needed correction has yielded favourable underwriting performance. However, the industry is still facing headwinds as the global supply chain remains volatile and is still dealing with the aftershock of the pandemic while now adding inflationary pressures to the mix.”
Cargo premiums increased in most markets, with China leading the growth in 2021. China now accounts for 14% of the cargo market, with the UK (Lloyd’s of London and the International Underwriting Association) having a 12.2% market share. With 2021 claims starting at a low level due to subdued activity in 2020, loss ratios continue to improve in all markets.
She noted that companies are redesigning and diversifying their supply chains with concepts such as near-shoring, reshoring and friendly-shoring gaining in traction. These developments have the potential to change risk profiles in cargo insurers’ portfolios.
Isabelle Therrien added:
“The pandemic has shown that factors such as stability and reliability when it comes to supply chains, are key to product availability. Our assureds are now also looking at different logistics, transportation and insurance solutions to manage this constantly evolving risk.”Source: IUMI
Poseidon Principles for Marine Insurance hold founding meeting and enter into force with Navium and AXA XL as latest Signatories
The Poseidon Principles for Marine Insurance are a global framework for measuring and publicly reporting the climate alignment of insurers’ hull and machinery portfolios. With the number of its Signatories reaching – and surpassing – the threshold of eight, the framework now enters into force. This means that Signatories are required to report their climate alignment scores on an annual basis. The first reporting period will take place at the end of this year.
As part of the founding meeting, members established the Poseidon Principles for Marine Insurance and elected members to the Association’s Steering Committee, the governance body that coordinates the Association on behalf of its members.
Patrizia Kern-Ferretti (Swiss Re Corporate Solutions) was elected as Chair of the Steering Committee.
“I thank fellow Poseidon Principles for Marine Insurance members for the trust placed in me to chair this pioneering initiative. Our founding meeting marks two important milestones. With Navium Marine and AXA XL among our ranks and the Association officially established, we have all that we need to effect real change and encourage the decarbonization of the maritime industry,” says Patrizia Kern-Ferretti, Head Marine at Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance Association.
Rolf Thore Roppestad (Gard) was elected as Vice Chair of the Steering Committee.
“I am honored to have been elected Vice Chair of the Poseidon Principles for Marine Insurance. Together with my fellow Steering Committee members, we will work to ensure that the Association stays true to its vision: doing what we can to support and incentivize responsible environmental behavior throughout the maritime value chain,” adds Rolf Thore Roppestad, Chief Executive Officer, Gard and Vice Chair of the Poseidon Principles for Marine Insurance Association.
Oliver Clark (Navium Marine), Atle Fjeldstad (Norwegian Hull Club), Sylvain Gauden (SCOR), Charles Mathias (Fidelis Insurance), Ilias Tsakiris (Hellenic Hull Management), Richard Turner (Victor Insurance) were elected as members of the Steering Committee.
Hereafter the Steering Committee consists of:Patrizia Kern-Ferretti (Chair), Rolf Thore Roppestad (Vice Chair), Oliver Clark, Atle Fjeldstad, Sylvain Gauden, Charles Mathias, Ilias Tsakiris, Richard Turner.
Ben Abraham (Willis Towers Watson) was elected as Chair of the Affiliate Members Committee.
Helle Hammer (Cefor), Mauro Iguera (Cambiaso Risso Group), Alistair Rivers (Lockton), Folkert Strengholt (EF Marine) were elected as members of the Affiliate Members Committee.
More information about the members of the Steering Committee is available here.
The founding members of the Association include Swiss Re Corporate Solutions, Gard, Hellenic Hull Management, SCOR, Victor Insurance, Norwegian Hull Club, Fidelis Insurance, Navium Marine, AXA XL, Willis Towers Watson, Cefor, EF Marine, Cambiaso Risso, Lockton, and International Union of Marine Insurance (IUMI).
Ηλεκτρονικά εκπαιδευτικά σεμινάρια IUMI
Η Ένωση Ασφαλιστικών Εταιριών (ΕΑΕΕ) ενημερώνει ότι τα ηλεκτρονικά εκπαιδευτικά σεμινάρια, τα οποία διοργανώνει η Διεθνής Ένωση Θαλάσσιων Ασφαλίσεων (IUMI) από το 2019, έλαβαν την πιστοποίηση «Continuing Professional Development» (CPD).
Η πιστοποίηση αυτή δίδεται σε εκπαιδευτικά προγράμματα επιμόρφωσης επαγγελματιών που στοχεύουν στην ανάπτυξη και ενίσχυση των δεξιοτήτων και των ικανοτήτων τους. Το γεγονός αυτό αποτελεί επίτευγμα της IUMI και αναγνώριση ότι δημιούργησε δύο σεμινάρια που προσφέρουν αξιόλογη επαγγελματική κατάρτιση στον τομέα των θαλασσασφαλίσεων. Τα σεμινάρια αυτά περιλαμβάνουν 30 ώρες για την Ασφάλιση Πλοίων/Σκαφών (Hull) και 23 ώρες για την ασφάλιση μεταφερόμενων εμπορευμάτων (Cargo).
Οι εκπαιδευόμενοι μετά την ολοκλήρωση των διαδικτυακών μαθημάτων μπορούν να λάβουν το πιστοποιητικό και να ζητήσουν περαιτέρω διαπίστευση από τα εθνικά προγράμματα επαγγελματικής κατάρτισης.
Για περισσότερες πληροφορίες μπορείτε να δείτε σχετικό βίντεο στον σύνδεσμο: https://www.youtube.com/watch?v=GHfMGA-B6NQ
και να επισκεφθείτε την εκπαιδευτική ιστοσελίδα της IUMI στον σύνδεσμο: https://iumi.com/education/online-tutorials
Τα δίδακτρα για το σεμινάριο για το Hull είναι 650,00 EUR (χωρίς ΦΠΑ) για τα μέλη της IUMI, ενώ για το Cargo είναι 550,00 EUR (χωρίς ΦΠΑ) για τα μέλη της IUMI.