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Marine losses falling: IUMI

Hull losses are decreasing for most types of vessel, according to the latest International Union of Marine Insurance (IUMI) statistics.

The frequency of losses, as a percentage of the world fleet, has more than halved since 1997.

However, heavy weather and grounding-related total losses have increased.

IUMI says the cargo market suggests the global economy is continuing to recover, although it remains volatile, with a recent slowdown in emerging markets such as China and Brazil.

The cost of salvage and wreck removal is increasing dramatically, and cargo theft is a growing problem. “In general, exposures and risks are growing in size and complexity and these will require stable solutions in the future,” the report says.