Die Havarie der »Rena« gilt als eine der schlimmsten überhaupt (Foto: Maritime New Zealand)
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Global premium income related to ocean hul[ds_preview]l insurance for 2015 was down by 8.4% compared with the previous year and totalled 7.5 bn $, reports IUMI. Although the global fleet continued to grow, average insured vessel values fell and this had impacted negatively on premium income.

Despite a fall in global premiums, the industry was effectively insuring the same level of risk and this, according to Mark Edmondson, Ocean Hull Committee Chairman at the the International Union of Marine Insurance (IUMI), was adding significant volatility to the market which demanded disciplined underwriting.

Edmondson explained: »A detailed knowledge of risk, risk selection and risk management are always important, but in the current conditions of competitive pricing and volatility, they become paramount. The soft market is accentuating the skills and experience gap within the marine market and the underwriting sector in particular.«

Edmondson described the current risk environment as »unhealthy« and detailed a number of factors that were currently challenging underwriters. These included the growing risk from cyber security and the increasing size and insured value of vessels, particularly containerships. The lack of available salvage equipment suitable for such large vessels was also a concern.  Other factors included new propulsion systems, advanced mechanics, smart ships and extended navigation including Arctic operations.