Stats Report 2023 indicates positive growth for marine insurers

13-12-23 / Duty Editor

Stats Report 2023 indicates positive growth for marine insurers

Humburg - The International Union of Marine Insurers (IUMI) says that in November it released its latest edition of its annual analysis of the global marine insurance market – the IUMI Stats Report.

This document, the union says, reports on the health of the marine insurance sector within the framework of the global economy, trade and shipping with data gathered from a number of agencies including IUMI’s own sources and is analysed and presented with some additional commentary.

IUMI says that this year it is gratifying to note that all business lines have performed relatively strongly showing an increase in the global premium base and a better performance in terms of loss ratios. This is largely off the back of a post-pandemic rebound in global trade but can also be attributed to more disciplined and effective underwriting.

"The report is the product of our Facts & Figures Committee together with input from a number of valued partners. We also publish data from our Major Claims Database which is an ongoing project in partnership with the Boston Consulting Group. We would like to thank all those involved in producing this year’s report," concludes the union.

The full report is available to download from the statistics section of the IUMI website.