Marine and Shipbuilding Monthly Journal
Seoul Ra-11997(ISSN: 2005-3061)



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    IUMI launches new information portal [Mar 2017] The International Union of Marine Insurance (IUMI) has successfully launched a new interactive information portal - www.iumi.com - which is not only a fitting shop window for IUMI but also a serious tool for those with an interest in marine insurance. The new portal contains IUMI’s extensive and highly valued bi-annual statistics which are available
    ...................................................................................................................[Press releases 2016]
    IUMI welcomes new container weighing directive but cautions short-term pain before long-term gain [May 2016] The International Union of Marine Insurance (IUMI) strongly supports the new mandatory requirement and adoption of the amendment to SOLAS regulation V1/2 for the verification of the gross mass of packed containers (resolution MSC.380(94)), which comes into force on 1 July 2016.
    IUMI welcomes revised York-Antwerp Rules [May 2016] In general, the International Union of Marine Insurance (IUMI) welcomes the revised York-Antwerp Rules (YAR 2016) which were adopted by the Comite Maritime International (CMI) at its conference in New York last week. The York-Antwerp Rules (YAR) is a set of rules by which General Average (GA) is adjusted (see detailed explanation in the notes below).
    ...................................................................................................................[Press releases 2015]
    Risk profile of global hull market improving, says IUMI [Sep 2015] IUMI - the International Union of Marine Insurance - at its annual conference in Berlin yesterday announced that global hull premiums for 2014 totalled USD 7.6bn, a 5.8% reduction from 2013. IUMI’s Ocean Hull Committee Chairman, Mark Edmondson, commented: Overcapacity and a flatter cycle are the new normal.
    Tough times ahead for offshore energy insurance [Sep 2015] Speaking at this year’s IUMI conference in Berlin, Simon Williams, Chairman of IUMI’s offshore energy committee reported continuous growth in the sector with 2015 capacity reaching around USD 7 billion - although he cautioned that USD 5.5 billion was more realistic. Although 2014 appears to be delivering another good result
    IUMI conference raises concerns over “mutual recognition” [Sep 2015] Concerns were raised today by marine insurers at IUMI’s annual conference in Berlin over the potential impact of “mutual recognition” by classification societies acting as EU Recognised Organisations (ROs). Classification societies can be individually approved by EU flag states to operate as EU Recognised Organisations
    Large losses impacting on marine cargo insurance market, says IUMI [Sep 2015] Speaking at this year’s IUMI annual conference in Berlin, Nick Derrick, Chairman of IUMI’s Cargo Committee warned that large cargo losses were having a significant impact on the marine insurance sector. The recent incident at the port of Tianjin should, according to Derrick, serve as a “substantial wake-up call to all cargo insurers”,
    IUMI emphasises education, communication and lobbying [Sep 2015] At the highly anticipated International Union of Marine Insurance (IUMI) annual conference, IUMI President, Dieter Berg, detailed a number of key initiatives that will continue to raise the organisation’s profile and political influence on an international level. These included: - To strengthen the association’s presence in emerging markets
    IUMI calls for retention of vessel records on change of ownership [Sep 2015] The International Union of Marine Insurance (IUMI) is calling for vessel owners and technical managers to make records available that provide important information on the condition of the ship and its machinery when a ship changes owner. The current trend to remove these records has the potential to impact on the new owner’s ability to
    Tianjin explosion highlights growth of accumulation risks [Aug 2015] The recent catastrophe at the port of Tianjin in China resulted in the loss of at least 100 lives and many more people are still missing. It is far too early to speculate on the cause but the explosions left extensive physical damage as well as the appalling loss of life.Accumulation risks - when a single event causes an exceptionally large group of related losses
    IUMI’ Spring Statistics report a continued reduction in total losses [Mar 2015] The International Union of Marine Insurance (IUMI) has released its Spring Statistics which report on three key sectors: Hull losses show a general downward trend in total loss frequency for most vessel types. The frequency of total loss since 1997, as a percentage of the world fleet, continues to decrease and has more than halved by both the number of
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