Marine insurance: worrisome prospects for 2022

During the International Union of Marine Insurance (IUMI) conference, held between 18 and 21 September in Chicago, Rama Chandran, Chairman of the Ocean Hull Committee, explained that the cost of claims has increased in the first half of 2022. This upward trend is mainly due to the resumption of the marine activity at a level similar to that of the pre-Covid period. Inflation as well as the higher steel, spare parts and labor prices also account for the higher cost of claims.

The same source indicated that by 2022, marine insurance could face a deterioration in profitability associated with a decline in market capacity.

In addition to concerns about long-term sustainability, the risk of container ship fires and the uncertainty surrounding the decarbonization of marine transport represent two areas of major concern for marine insurance market players.