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28 September 2020 The on-line newspaper devoted to the world of transports 13:10 GMT+2



September 15, 2020

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Original news
Last year, the maritime insurance market recorded a modest recovery followed in 2020 by the unknown Covid

In 2019, the value of insurance premiums in the 28.7 billion dollars (-0.9%)

In 2019, the maritime insurance market showed modest recovery, but the impact on the sector of the effects of Covid-19 pandemic makes the future uncertain. Today, presenting last year, the president of the Facts & Figures Committee of the International Union of Marine IUMI, Philip Graham, recalling that the data last year and therefore pre-Covid, he explained that, although in the past the association of companies maritime insurance was able to analyse the market trends by also formulating a forecast of the results "However," he stressed, "the Covid is a global event so significant that it will have inevitably impact on all statistics, including those IUMI. Of course -- Graham specified -- there is a time gap between the 2019 data presented by IUMI and the effect that Covid is having on the insurance markets Marittima. The 2019 data on left-wingness - noted - suggest the beginning of a modest recovery in the Bodies and Goods and the continuation of a fragile balance in the Energy segment, but it's just the beginning and it remains to be seen how far in Covid-19 will have an impact on these trends in the future."

Graham mentioned what has been this impact so far "A consequence of Covid," he noted, "is people travel less and buy less. This has been translated into a lower use of certain types of ships such as container carriers, cruise ships and yachts. A result direct - he explained - is the abnormally low level of claims reported in recent months.' Graham pointed out positive effect caused by the crisis: "in a few months -- he observed -- the coronavirus pandemic has moved many digital sectors, in particular the insurance sector, with the jump of at least a generation. In many ways this is and we must maintain this momentum."

Graham stressed, however, that maritime insurers are aware of the financial impact that the pandemic is having on many of their customers and the potential impact it could have on risk management.

III's annual report for 2019 indicates that in the year The value of insurance premiums in the maritime sector is 28.7 billion dollars, a reduction of -0.9% year-on-year, of which 46.3% of the total market 31.8% in Asia/Pacific, 10.3% in Latin America, 5.3% in North America and 6.3% in other markets. In 2019, the share Europe's overall economy fell slightly from 46.4% of GDP 46.3% the following year, while Asia's share is increased from 30.7% to 31.8%.

In relation to the main insurance sectors goods segment (15.6 billion U.S. dollars, -1,5%) continued to hold the largest share with 57.5% of the total the share of the Bodies segment (6.9 billion, up 0.2%) Is 24.1%, offshore energy segment 11.7% and the share of the Maritime Responsibility segment (excluding IGP&I) at 6.8%.

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