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IUMI Review - Troubled waters.
(From Reinsurance)
Byline: Eric Alexander.
Marine underwriters always seem to live in challenging times, and none more so than now as this year's September conference of the International Union of Marine Insurance (IUMI) demonstrated when it highlighted a number of current issues facing marine insurers. Top of the list is the question of profitability.
IUMI's outgoing president, Richard de Simone of the St Paul Group, referred to the remarkable consolidation which has taken place in the insurance industry and said: "In the marine insurance sector we have seen a large number of defections in virtually every major market around the world and my guess would be that we are not done yet."
However, although there are fewer players in today's marine insurance business there is still too much capacity for most risks. While this restructuring and consolidation has produced a much needed rise in premium rates, the level of increases has fallen short of what is needed. With hardening markets all around them following September 11, marine insurers, especially those in the hull insurance sector, have inexplicably failed to seize the opportunity to get their business back on an even keel.
Mr de Simone said although the maritime industry was safer than it was ten years ago, the bottom line of many of them might suggest otherwise.
The urgent task is for marine insurers to return to sustainable profitability.
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