The International Union of Marine Insurance named the main risks for the industry

The annual conference of the International Union of Marine Insurance (IUMI) was held in Edinburgh, Scotland, where participants identified the most important risks for the marine insurance industry.

According to a statement from IUMI speakers, marine insurance is experiencing severe claims inflation, which has a negative impact on the cost of repairs, spare parts and materials, as well as on shipyard leases and the hiring of marine repair specialists.

At the same time, “the underwriting community has not applied the inflationary increase in the premium base, and this could lead to lower overall profitability over the next year or two,” said Ilias Tsakiris, chairman of the IUMI Ocean Hull committee.

In addition to inflation, the marine insurance industry is affected by the transition of marine vessels to alternative fuel sources, forcing underwriters to offer updated insurance protection products taking into account global climate trends.

The Internet resource UkrStrahuvannya knows that a serious problem of marine insurance is the use of a shadow fleet of marine carriers and the risks associated with this.

Source: ukrstrahovanie.com.ua