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1、IUMIs 2022 analysis of the global marine insurance market 1 Introduction 2 Highlights 4 In context 13 Environmental,social,governance(ESG)matters 16 Marine Insurance 18 Global marine hull insurance 24 Global marine cargo insurance 28 Global offshore energy insurance 32 Major claims database 38 Notes
2、 40 Facts&Figures CommitteeContentsIUMI Stats 20221Building on the gains made in 2020,2021 was another positive year for marine insurers.It was the year when global trade saw a tentative recovery,absolute premiums rose,claims impact was benign,and as a result loss ratios improved.However,this positi
3、on is tempered by the big economic uncertainties the world is facing today.We are reporting this data at a time when several shocks have hit a world economy already weakened by the pandemic.There is no end in sight for the war in Ukraine and we face soaring global energy costs and inflation,a gloomy
4、 outlook for trade and the possibility of further climate and pandemic related disruptions.Indicators in many economies now point to an extended period of subdued growth.Marine underwriters are navigating some extremely complex issues.This report presents data on the global marine insurance market s
5、et in the context of world economic performance,trade and the shipping industry.We also offer commentary and opinion based on the data we have collected.IUMIs total world-wide premium includes data from all relevant marine insurance markets.Care should be taken when making comparisons with earlier f
6、igures as data coverage varies in different years and some figures will be updated retrospectively.Similarly,the presented loss ratios for hull,energy and cargo do not encompass all countries per region,and underwriting year results do develop over a couple of years due to a time lag in claims repor
7、ting and payments.When interpreting statistics,caution should always be applied regarding what the data actually relates to.IUMI stresses that all figures released by IUMIs Facts and Figures Committee are global market sums or averages.While these reflect the average performance of the marine insura
8、nce market,individual companies or countries results may differ substantially.As with all averages,individual underwriting units may over or underperform compared with the average.IUMI does not make any statements about what actual applied premium rates were or should be.The aim of IUMI is solely to
9、 provide data as available and raise awareness for the importance of a critical evaluation of the risks covered.IUMI represents 44 national and regional marine market insurance and reinsurance associations.Our Facts&Figures Committee compiles and analyses data submitted by national insurance associa
10、tions and cooperates with other data providers.Our thanks go to those IUMI member associations for their continued support and to the other data providers,who are identified at the end of this report,for supporting IUMI with extensive and up to date information on the relevant trends that impact the
11、 marine industry.Special thanks are offered to the Nordic Association of Marine Insurers(Cefor)for annually compiling global marine insurance data on behalf of IUMI and supporting IUMI with up-to-date hull trend analyses from the Nordic Marine Insurance Statistics database(NoMIS).Lars Lange IUMI Sec
12、retary GeneralIntroductionIUMI Stats 20222Highlights2021 saw strong macro-economic recovery,but in 2022 worries of inflation and recession are gathering.International Monetary Fund(IMF)has lowered(Oct 2022)its projection of global growth to 2.7%.2023 slowdown will be broad-based,with countries accou
13、nting for about one-third of the global economy poised to contract this year or next.According to the IMF,the three largest economies,the United States,China,and the euro area will continue to stall.Global marine insurance premiums in 2021 reached USD 33 bn,up 6.4%on 2020.Since 2021,premiums have be
14、en lifted by a combination of increased global trade volumes,a stronger US dollar,increased offshore activity,higher vessel values and a reaction to deteriorating results in previous years.Insurers in Europe and Asia in particular saw premium growth.In 2021 world seaborne trade returned strongly,alt
15、hough Clarksons Research is per August 2022 projecting 12.2 bn tonnes of seaborne trade in 2022,down from a 12.4 bn tonnes forecast at the start of the year.Global fleet size up 3.04%in 2021,reaching 2,134,640,000 dwt(Clarksons/UNCTAD).IUMI Stats 20223The value of insured vessels continued to rise s
16、ignificantly in 2021 renewals,driven primarily by the large increase in containership prices which were up 35%.Dry bulk and general cargo vessel values also saw gains in 2021.Supply/offshore vessel values continued to decrease in 2021 but the recent oil price rally may have some positive influence o
17、n this segment going forward.The positive trend for ocean hull business,starting in 2021,continued into 2022.Premiums grew 4.1%in 2021 reaching USD 7.8 bn.There was a continued rapid growth in the Nordic region as well as China,but much weaker in the UK(Lloyds)market where the decline of recent year
18、s continued.The extraordinary benign claims impacted both the frequency and the cost in recent years,and the recovery of previous years negative results could be achieved.The cargo market saw an increase in premiums for 2021 to USD 18.9 bn,mostly driven by increased global trade volumes.Also,in this
19、 segment claims impact was comparably benign in 2021 and loss ratios in most markets improved.Also,the offshore energy sector saw an increase in overall premiums,reaching USD 3.9 bn in 2021,representing an 6.9%increase on 2020.This is a second year of rises after six-year period of declines(20142019
20、).The demand for offshore energy insurance typically tracks oil prices as projects become viable.Historically,there is an 18-month time lag between improved oil prices and authorised offshore expenditure and unit reactivation.Loss ratios kept in recent years a fragile balance with major loss events
21、being absent,but with a long backlog in claims reporting the youngest years still have to mature.With the oil price rally in 2022 more activity and thus more demand for offshore energy insurance may be expected going forward.IUMI Stats 20224Despite strong post-Covid recovery in 2021,growth is slowin
22、g in 2022 amid material macroeconomic headwinds.In October 2022,the International Monetary Fund(IMF)lowered its projection of global growth to 2.7%.It says that 2023 slowdown will be broad-based,with countries accounting for about one-third of the global economy poised to contract this year or next.
23、According to the IMF,the three largest economies,the United States,China,and the Euro area will continue to stall.This trend is reflected in forecast global seaborne trade volumes.*Clarksons Research is now projecting 12.2 bn tonnes of seaborne trade in 2022,down from a 12.4 bn forecast at start yea
24、r.The global fleet size up 3.04%in 2021,reaching 2,134,640,000 dwt(Clarksons/UNCTAD).*Monthly seaborne trade series based on basket of dry bulk,oil,container,gas,chemical and car trades,representing c.80%of global seaborne trade.In contextSource:Clarksons Research.Monthly seaborne trade series based
25、 on basket of dry bulk,oil,container,gas,chemical and car trades,representing c.80%of global seaborne trade.1.86543210.20.40.60.81.01.21.41.6Chart 1:Global seaborne trade bn tonnestrade per capita bn tonnes 5072009200023(f)2022(f)Dry
26、Bulk Oil Containers Gas Others Trade per Capita(LHS)The International Monetary Fund(IMF)lowered its projection of global growth to 2.7%.2.7%Source:Clarksons ResearchSource:Clarksons Research33445622234001111Chart 2:Global seaborne trade growth Tonne-milesChart 3:Global seaborne trade growth Tonne-mi
27、les%20000000212021Feb 2022Feb 2022Mar 2022Mar 2022Apr 2022Apr 2022May 2022May 2022Jun 2022Jun 2022Jul 2022Jul 2022 Aug2022 Aug20223.5%3.1%3.0%3.3%1.9%3.3%4.9%3.0%0.7%1.5%3.2%4.0%4.0%3.6%2.9%2.4%1.9%1.4%3.4%2.9%2.2%2.9%3.9%2.8%0.4%3.3%
28、3.3%3.5%2.6%2.1%1.6%1.4%1.1%0.8%2022 Projection2022 Projection2023(f)c.2.3%IUMI Stats 20225IUMI Stats 202264040%2626282830303232343436363838Chart 4:Containership congestion index*%TEUChart 5:Bulkcarrier congestion index*%dwt*Share of boxship fleet in port or at an associated anchorage,%TEU*Share of
29、bulker fleet 65k+dwt in port or at an associated anchorage,%dwtJul-22 peak:+7%vs pre-Covid averageFeb-22 peak:+6%vs pre-Covid averageJan 2016Jan 2022Jan 2021Jan 2020Jan 2019Jan 2018Jan 2017Jan 2016Jan 2022Jan 2021Jan 2020Jan 2019Jan 2018Jan 2017Freight rates are driven by the balance of vessel and c
30、argo supply/demand.Low fleet growth and recovering cargo volumes supported freight rate rises in most segments in 2021.However,2021 was the year when congestion made the headlines with the effects of snarled up ports felt both in freight rates and throughout the supply chain.The spectacle of the Sue
31、z Canal blocked for six days by a 20,000 TEU containership underlined the fragility of global supply chains and the worlds reliance on shipping.July 2022 saw 38%of the global containership fleet in port or anchorage,up 7%from the pre-Covid average.This congestion is currently unwinding.In 2021 the C
32、larkSea Index,a weighted average of tanker,bulk carrier,containership and gas carrier earnings,which had been improving since 2016,saw its strongest performance since 2008,averaging USD 28,700 per day,up 93%on the previous year.The port congestion for container vessels are still 7%higher than pre-Co
33、vid average,exacerbating demand for container vessels.+7%Source:Clarksons Research.Data based on the proportion of vessels in the fleet in a defined port or anchorage location based on vessels closest to midday AIS signal on the date specified.Where a vessel has not transmitted on a particular day,t
34、he last position transmitted within the previous 30 days is used.Excludes vessels last seen 30 or more days ago from the date specified.Source:Clarksons Research.Data based on the proportion of vessels in the fleet in a defined port or anchorage location based on vessels closest to midday AIS signal
35、 on the date specified.Where a vessel has not transmitted on a particular day,the last position transmitted within the previous 30 days is used.Excludes vessels last seen 30 or more days ago from the date specified.IUMI Stats 20227Source:Clarksons Research.Data based on the proportion of vessels in
36、the fleet in a defined port or anchorage location based on vessels closest to midday AIS signal on the date specified.Where a vessel has not transmitted on a particular day,the last position transmitted within the previous 30 days is used.Excludes vessels last seen 30 or more days ago from the date
37、specified.30%628Chart 6:Car carrier congestion index*%CEU*Share of car carrier fleet in port or at an associated anchorage,%CEUApr-22 peak:+6%vs pre-Covid averageJan 2016Jan 2022Jan 2021Jan 2020Jan 2019Jan 2018Jan 2017Source:Clarksons Research.The cross segment ClarkSea Index covers tanke
38、rs,bulkers,containers and gas.03540Chart 7:ClarkSea Index 20002021USD000 per day2000200042005200220032008200920000021 was the best year since 2008IUMI Stats 20228Source:Clarksons ResearchSource:Clarksons ResearchCrude TankersProduct T
39、ankersChemical TankersSpec.TankersBulkcarriersCombosLPG CarriersLNG CarriersContainershipsMulti-Purpose Ves.General CargoRo-RoCar CarriersReefersOffshoreDredgersTugsCruiseFerriesOther Non CargoCrude TankersProduct TankersChemical TankersSpec.TankersBulkcarriersCombosLPG CarriersLNG CarriersContainer
40、shipsMulti-Purpose Ves.General CargoRo-RoCar CarriersReefersOffshoreDredgersTugsCruiseFerriesOther Non Cargo229.72,2059,3853,99142412,766121,5326855,6063,18816,1008307561,5078,9262,11221,2884778,4612,752117.031.00.8524.90.725.370.8264.121.828.613.337.74.450.45.16.025.721.72.9Chart 8:World fleet as a
41、t March 2022 Million GTChart 9:World fleet as at March 2022 No.Vessels00050025,00020,00015,00010,0005,000IUMI Stats 20229The global merchant fleet continues to get older and the average vessel age(March 2022)stands at 21.9 years,or 14.7 years for vessels greater than 2000 GT.Fleet growth,
42、which peaked at 9%in 2010,is forecast at 2.9%of the fleet in 2022,up from recent 30-year lows.The overall global fleet size was up 3.04%in 2021,reaching 2,134,639,907 dwt(Clarksons/UNCTAD).1517 vessels over 20,000 dwt were ordered in 2021.This compares to the 2016 when only 257 ships were ordered.As
43、 of August 2022,120 yards worldwide had at least one vessel of 20,000 dwt plus on order.Modest yard capacity growth is expected.It should be noted that the global fleet today is approximately 90%larger and moves 40%more cargo than in 2008.Whilst Greece continues to be the worlds largest shipowning n
44、ation(17%of the global fleet),Asian shipowners now own more tonnage than Europeans.China now enjoys a 15%market share,with Japan slipping down the rankings.Source:Clarksons ResearchChart 10:Regional ownership March 2021 Other Europe 20%Greece 17%China 15%Japan 12%Other Asia/Pacific 12%Others 9%Unite
45、d States 4%Korea 4%Germany 4%Other Americas 3%IUMI Stats 202210Continued growth for offshore windThe global wind industry had its second-best year in 2021,with almost 94 GW of capacity added globally,trailing behind the 2020s record growth by only 1.8%.Offshore wind projects coming on stream continu
46、ed to grow,although not at the rate seen in 2020.According to the Global Wind Energy Council,21.1 GW of offshore wind capacity was commissioned last year,three times more than in 2020.The worlds top five markets in 2021 for new offshore wind installations were China,United Kingdom,Denmark,Vietnam an
47、d the Netherlands.These five markets combined made up 99.5%of new installations in 2021,with China making up over 80%of new installed capacity globally,bringing its cumulative offshore wind installations to 27.7 GW.Capex expenditure was estimated to be USD 44 bn,overtaking projects sanctioned in the
48、 offshore oil and gas sector(USD 43 bn)for the first time.Offshore wind farms,both in number and capacity,have continued to grow over the past five years.The global wind industry had its second-best year in 2021,with almost 94 GW of capacity added globally.94GW250200100500150Chart 11:Offshore wind c
49、apacity forecastGWNo.Farms900800700600500400300200200002120222023f2024f2025f2026f2027f2028f2029f2030f No.of Farms(RHS)Capacity(LHS)Basis start-yearSource:Clarksons ResearchIUMI Stats 202211However,offshore oil and gas still represent 17%of global energy su
50、pply.14.1 bn tonnes of oil equivalent(BTOE)were consumed by the world in 2021.Offshore wind contributes 0.3%to the global energy mix,but it is growing rapidly.Even under a gradual transition scenario,it is estimated that offshore wind will be the source of 6%of global energy by 2050.8070605040302010
51、0Chart 12:Offshore wind investment forecastUSDbn20000022f2023f Projected CAPEX Estimated CAPEXBasis year of project FIDSource:Clarksons Research6040200Chart 13:Dedicated wind vessel contracting forecastNo.of contracts200016
52、200202021 CTV C/SOV WTIVSource:Clarksons Research2445777749614951718IUMI Stats 202212Source:Clarksons ResearchChart 14:Global energy mix 2021(e),mtoe Coal 3,805 27%Onshore Oil 3,243 23%Onshore Gas 2,365 17%Offshore Oil 1,222 9%Offshore Gas 1,081
53、 8%Hydro 940 7%Other Onshore Renew.814 6%Nuclear 627 4%Offshore Wind 26 0.2%Offshore oil and gas account for 17%of the global energy mix.Offshore wind small but growingTotal:14.1btoeSource:Clarksons ResearchChart 15:Offshore sources as%global energy%Today20002005200252030203520
54、4020452050Offshore OilOffshore WindOffshore Gas Gradual Transition Scenario Rapid Decarbonisation ScenarioOffshore floating wind offer the potential to deliver clean energy at a significant scale in the future.But with the increased distance to the shore come riskier installation,operational and mai
55、ntenance issues including weather perils.Whilst cabling,foundation and mechanical issues have so far driven the majority of claims for the offshore renewables sector,the risk profile of offshore renewables assets is still evolving.The energy insurance sector wants to collaborate with insureds to res
56、pond with appropriate insurance cover that is reflective of the changing risks,as well as supporting corporates in managing them.“Energy transition requires a joint industry,government,regulator,consumer,and insurance effort to be successful.”Frank Streidl,Chairperson,IUMI Offshore Energy CommitteeI
57、UMI Stats 202213Environmental,Social,Governance(ESG)matters In 2021 IUMIs Facts&Figures committee began tracking three ESG issues related to the UNs sustainable development goals.Illegal,unreported,unregulated(IUU)fishing activities;ship recycling;and greenhouse gas emissions are now reported.IUU Fi
58、shingIllegal fishing undercuts effective fisheries management,harms ocean ecosystems,and undermines food security.It is also associated with human rights abuses,slave labour and human trafficking.Removing access to insurance for illegal fishing vessels is an important way of closing the net on this
59、activity globally and IUMI is committed to supporting industry efforts to stop this harmful practice.In 2021 the IUU Fishing Index stood at 2.24,down 0.05.The index provides a measure of the degree to which states are exposed to and effectively combat IUU fishing,with a lower score indicting a bette
60、r state of affairs.As of August 2022,there were 177 registered ships on the IUU database,down from 325 in 2021.Chart 16:Progress across many areas Overall score 2019 2021Asia 2.69 2.51Africa 2.38 2.35Middle East 2.32 2.33Caribbean and Central Amercia 2.24 2.25South America 2.19 2.23Oceania 2.16 2.18
61、North America 2.13 2.07Europe 2.05 1.98Source:IUU index:lower score indicates progress in IUU,https:/In 2021 the IUU Fishing Index stood at 2.24,down 0.05.2.24IUMI Stats 202214Ship recyclingDespite more ships signed up to the Ship Recycling Transparency Initiative(2021:3439 vs 2020:2433),583 vessels
62、 were beached out of the 763 vessels scrapped in 2021.Ships contain hazardous waste and pollutants that are harmful to people and the environment.The practice of beaching vessels onto tidal flats where workers then break down the vessels is an issue over which there has been increasing public and po
63、litical concern.To address the hazards,the International Maritime Organization(IMO)adopted the Hong Kong International Convention for the Safe and Environmentally sounds Recycling of Ships.IUMI is backing the yet-to-be-ratified Hong Kong Convention and tracking progress of the Ship Recycling Transpa
64、rency Initiative.Chart 17a:Global CO2 emissions by sector 2018,tonnes CO2Source:Clarksons Research,World Resource Institute/Climate Watch,Global Carbon Project,IEA,Global CO2 excluding LUCF Transportation 25%Manufacturing/construction/industrial processes 23%Power generation 42%Residential 6%Commerc
65、ial and public services 3%Other 2%International shipping 9%Passenger road vehicles 45%Road freight vehicles 29%Aviation 12%Other 2%Other shipping 1%Rail 1%Land use change/forestry+1.2 bn t CO2Global CO2:c.37.0 bn t in 2022(f)c.75%of total GHG emissionsInternational shipping CO2:c.0.9 bn t in 2022(f)
66、c.2.4%of gloabl CO2 and 1.8%GHG583 vessels were beached out of the 763 vessels scrapped in 2021.583IUMI Stats 202215Carbon emissionsThe shipping industry is forecast to emit 883 mt of CO2 in 2022.Globally,an estimated 37 bn tonnes of CO2 will be emitted.To meet IMO targets and reduce shippings impac
67、t on the planet new fuels and propulsion systems will need to be adopted.The expectation is that there will not be one solution/fuel going forward,but rather a number of these provided also that the infrastructure on land is in place.From an insurance perspective,the focus is on identifying risks re
68、lated to the new fuels,how to mitigate them and engaging with class societies and regulators to develop necessary rules,standards and guidelines to ensure a safe transition.Chart 17b:International shipping CO2 emissions Tonnes CO2Source:Clarksons Research1,0501,000950900850800750700650600550500450To
69、nnes CO22008200920000022f14%(c.150mt)vs 20082022:888 mt=2.4%global CO2Shipping is the most carbon efficient mode of transportation.3 rail,9 truck2008 CO2 output2050 CO2 output target:c.500mtShippings emissions forecast for 2022 is 883 mt of CO2.883IUMI Sta
70、ts 202216Marine insurance Positive market development in global marine premiumsGlobal marine insurance premiums were up 6.4%on 2020,rising to USD 33 bn in 2021.Lifted by a combination of increased global trade volumes,a stronger US dollar,increased offshore activity and higher vessel values,overall
71、premiums rose across most segments.Insurers in Europe and Asia in particular saw premium growth.Regionally,global income was split Europe 47.2%,Asia/Pacific 29.3%,Latin America 10.3%,North America 7.7%,Other 5.5%.By line of business,cargo continued to represent the largest share with 57.4%in 2021,hu
72、ll 23.5%,offshore energy 11.8%and marine liability(excluding IGP&I)7.3%.The reported increase in absolute premiums for 2021 reflects a combination of volume trade,values,global fleet size and rates per insured unit.The effects of exchange rates,particularly for the cargo market,must also be taken in
73、to account.USD marine insurance premiums in 2021.33 bnSource:IUMISource:IUMIChart 18:Marine premiums 2021 By line of businessChart 19:Marine premiums 2021 By region Transport/Cargo 57.4%Global Hull 23.5%Offshore/Energy 11.8%Marine Liability*7.3%*other than P&I covered by clubs of International Group
74、 Europe 47.2%Asia/Pacific 29.3%Latin America 10.3%North America 7.7%Other 5.5%NB:Some figures changed retrospectively,graph not directly comparable with previous presentations.Change 2020 to 2021:6.7%NB:Exchange rate effectsTotal estimate 2021:USD 33.0 bnTotal:USD 33.0 bnIUMI Stats 202217Except for
75、P&I,all lines profited from an extraordinary low claims impact in recent years.The frequency and cost impact for both attritional losses and major loss events continued to be benign in 2021.The situation differs somewhat for P&I which experienced an increase in claims since 2020 and was more affecte
76、d by the COVID-19 pandemic than other lines,particularly as P&I covers the cost of supporting crew and passengers.Global marine insurance premiums were up 6.4%on 2020.+6.4%Source:IUMI20,000,00018,000,00016,000,00014,000,00012,000,00010,000,0008,000,0006,000,0004,000,0002,000,0000Chart 20:Premium by
77、region 20122021 As of 2022,USD2021:33.0 USD bn 2020:31.0 USD bn(as of 2022)Various influences:Market conditions,exchange rates 2000021 Europe Asia/Pacific Latin America North America Middle East AfricaUSDEurope:After years of decreases,bottom passed with upward trend
78、 starting 2020.Asia:increase continuesAll lines profited from an extraordinary low claims impact.IUMI Stats 202218Global marine hull insuranceSignificant challenges ahead for hull underwritersGlobal marine hull insurance premiums reached a total of USD 7.8 bn for 2021 an increase of 4.1%from 2020.Th
79、e redistribution of market shares between the major hull markets continued,with growth from the Nordic market as well as China and Latin America.The decline in the UK(Lloyds)market continued.Until 2019 there was an increasing gap between average vessel size and insured value.As the freight markets h
80、ave improved,there has been a corresponding rise in insured values,particularly driven by container vessels.Figures reported to Cefors Nordic Marine Insurance database(NoMIS)show that container vessel values were up 36%on insurance renewal in 2021.Subdued tanker,passenger and offshore vessel markets
81、 led to a drop in asset values.USD global hull premium in 2021.7.8bnSource:IUMI1,600,0001,400,0001,200,0001,000,000800,000600,000400,000200,0000Chart 21:Hull premium 20122021 Selected markets2000021 Nordic China UK(Lloyds)Japan Singapore UK(IUA)Latin America(2021:ren
82、ewal of big 2-year contract)Republic of Korea IUMI Stats 202219Source:Gross tonnage,No.ships:ISL Bremen,Hull premium:IUMI,vessel values:Cefor(NoMIS database)25022520007550Chart 22:Hull premium versus world fleet 2005200620072008200920000022 Gros
83、s tonnage(300 GT)No.ships(300 GT)Global marine hull premium Av.insured vessel value(renewals and newbuilds Cefor)%IUMI Stats 202220The gap between these insurance and size values has started to reduce,a trend which started in 2020.Whether or not this development will continue remains to be seen.Howe
84、ver,it should be noted that as the average fleet age continues to increase,this is likely to have an impact on vessel values.Premium base has only recently begun to creep upwards following a sustained decline since 2012.The 2021 increase of 4.1%is lower than the 6%seen last year and the reducing qua
85、ntum is a worrying trend for underwriters.This is likely due to increased market capacity,particularly from London and Latin America.Overall the hull market has improved since 2019 due to a combination of rising premiums and a benign claims impact.However,as we have seen a return to full shipping ac
86、tivity,particularly in the high value cruise sector,more claims can be expected:claims frequency correlates with vessel activity.A combination of value increases,inflation,new designs,propulsion and fuel types is also likely to impact claims trends going forward.Despite increased activities and infl
87、ation with higher steel price,higher cost of spares and labour cost,claims impact has continued to stay low in the first half year of 2022.However,as shipping activity returns to pre-COVID levels and inflation accelerating in 2022,it seems inevitable that there will be a rise in claims and that will
88、 dampen the more encouraging loss ratios reported for the 2021 period.Benign claims impact continued despite concerns about rising inflation.IUMI Stats 202221IUMI has identified three major concerns for the coming period:InflationSince 2021,there have been substantial increases in steel prices as we
89、ll as inflation and labour costs which influence hull repair cost.There has been a significant increase in spare parts cost which may lead to an increase in attritional losses and machinery claims.FiresFires onboard large containerships continue to impact hull,cargo,and P&I insurance and,sadly,have
90、resulted in tragic loss of life and environmental damage.A major concern in that respect is misdeclared or non-declaration of dangerous cargo.The challenge in fighting fires on large container vessels is another issue and the probability for fires onboard increases with the number of containers onbo
91、ard with the increased likelihood that some of the containers may contain dangerous cargo.There is also an increase in engine room fires which may reveal some underlying risk including crew competencies and modern technologies.Much work is being done to address the issue and IUMI is at the forefront
92、 of lobbying for change.GHG 2050Decarbonisation of shipping is underway but remains a long way from reality.With the medium to long-term measures still under discussion,there is uncertainty and hesitation from both owners and insurers due to the lack of regulation and market-based incentives.The exp
93、ectation is that there will not be one solution/fuel going forward,but rather a number of these provided also that the infrastructure on land is in place.From an insurance perspective,focus is on identifying risks related to the new fuels,how to mitigate them and engaging with class and regulators t
94、o develop necessary rules,standards and guidelines to ensure a safe transition.With the recent formation of the Safe Decarbonization panel at IACS which sets a clear path for collaboration and discovery through all stakeholders and the scientific community,underwriters should get more understanding
95、of the risk and the rules to mitigate those risk.IUMI engages in improving the prevention of fires and fire-fighting onboard container and car/RoRo vessels.Inflation may push up claims costs going forward.The focus is on identifying risks related to the new fuels.IUMI Stats 202222Chart 23:Hull Ultim
96、ate gross*loss ratios Europe Gross premiums,paid+outstanding claims50403020100%20000202021 Reported IBNR estimate(based on 10-year pattern)*Technical break even:gross loss ratio does not exceed 100%minus the expense ratio (acquisition cost,capital cost,man
97、agement expenses)*Data included from:Belgium,France,Germany,Italy,Nordic(Cefor),UK*China,Japan,Hong Kong,India from 2015.Singapore not included(incurred figures available but cannot be split),China,Japan,Hong Kong only paid available.Source:IUMI2014 strong major loss impact fire at German shipyard20
98、162017 influenced by yacht damage(hurricane)Chart 24:Hull Gross loss ratios accounting year Asia*Gross premiums,paid claims2,500,0002,000,0001,500,0001,000,000500,000USD Gross premiums Paid claims Loss ratio,paid claimsSource:IUMI020000202021%80706050403020100IUMI St
99、ats 202223No let-up in containership and car/RoRo firesDespite overall claims frequency dropping,onboard fires,particularly aboard car carriers and container vessels are rising.Fires occurred on over 1%of the containership fleet in 2021 with 0.4%of the fleet experiencing fires incurring over USD 500
100、,000 in claims.There has been an increase over the past years particularly for fires in cargo areas,but also recently for engine room fires.There are many challenges with onboard fires particularly for large container vessels and car carriers.With an increase in the number of containers onboard,the
101、probability that some cargo may self-ignite grows proportionally.The risk of fires on car carriers is also changing with an increasing number of such carriers transporting lithium-ion battery powered vehicles.These pose a different risk from transporting conventional cars both in terms of potential
102、ignition as well as for firefighting onboard the car carriers.The Nordic Association of Marine Insurers (Cefor)published over the last years a number of fire trend analyses which clearly illustrate the above-mentioned trends.Recent years saw an increase in severe fires in connection with an increase
103、 in vessel sizes,misdeclared cargo and a change in risk by battery-powered cars.IUMI Stats 202224Global marine cargo insuranceInflation and economic outlook weigh on positive 2021In 2021 the cargo market reported a global premium base of USD 18.9 bn representing up 8%on the back of a stronger dollar
104、 and increased global trade volumes.Cargo premium is a reflection of the value of goods transported and global trade volumes in combination with more specific features of the cargo insurance market related to capacity,the scope of coverages and the impact of claims.Loss ratios in most markets contin
105、ued to improve as a result of increased premium volume in combination with recent benign claims impact.The much-needed correction yielded favourable underwriting performance.However,the industry is still facing headwinds as global supply chains remain volatile and assureds are still dealing with the
106、 aftershock of the pandemic.For Europe,the gross loss ratio for underwriting year 2021 is estimated to end at 50%,while other regions reported the following 2021 accounting year loss ratios:US:41%(incurred claims),Asia:45%(paid claims only)and Latin America 43%(paid claims).China now accounts for 14
107、%of the cargo market,with the UK(Lloyds of London and the International Underwriting Association)having a 12.2%market share.With 2021 claims starting at a low level due to subdued activity in 2020,loss ratios continue to improve in all markets.Cargo insurers continue to face persistent challenges in
108、cluding rising cases of onboard fires,misdeclared cargoes,worsening severe weather conditions including stronger winds and waves,floods and wildfires.With the increased value accumulation on ever larger vessels and single port sites,the risk of large event losses continues to grow.USD global cargo p
109、remium in 2021.18.9 bnSource:IUMIChart 25:Cargo premiums 2021 By markets China 14.0%Japan 8.4%USA 8.0%UK(Lloyds)7.8%Germany 6.3%UK(IUA)4.4%France 4.4%Brazil 4.3%Mexico 2.7%India 2.2%Italy 2.1%Netherlands 2.1%Russia 1.7%Belgium 1.7%Singapore 1.4%Nordic 1.4%Spain 1.2%Other 25.8%Total estimate:USD 18.9
110、 bnIUMI Stats 202225Source:IUMI3,000,0002,500,0002,000,0001,500,0001,000,000500,0000Chart 26:Cargo premiums 201221 Selected markets2000021 China Japan USA(underreporting in 2019)Germany UK(Lloyds)Brazil France UK(IUA)India201415:strong USD“reduces”income of most coun
111、tries.From 2017 several currencies strengthened against USD.IUMI Stats 202226The 2021 bounce-back in global trade and the strong dollar pushed premium income up.However,the worrying signals from the global economy and gloomy IMF forecasts point to pressures on cargo volumes and values.The cargo mark
112、et has shown growth in 2021 partly due to a rise in the volume of cargo shipped globally,combined with the pricing corrective measure still prevalent in that underwriting year.However,the industry is still facing headwinds.The global supply chain remains volatile and is still dealing with the afters
113、hock of the pandemic whilst inflationary pressures are adding to the mix.Source:World trade volume and values:International Monetary Fund(IMF):Global cargo premium:IUMI 001009080Chart 27:Cargo premium versus world trade values and volume Index 2005=100%200
114、000222023 World trade values(goods)IMF April 2022 World trade values(goods)IMF April 2022 Global cargo premium%The 2021 bounce-back in global trade and the strong dollar pushed premium income up.IUMI Stats 202227Source:IUMI Chart 28:Cargo Ultimate gross*loss ratios uw year Euro
115、pe*908070605040302010010%20000202021 Reported IBNR estimate(10-year pattern)*Technical break even:gross loss ratio does not exceed 100%minus the expense ratio (acquisition cost,capital cost,management expenses)*Data included from:Belgium,France,Germany,Netherlands,It
116、aly,UK Chart 29:Cargo Loss ratios accounting year Asia*Gross premiums,paid claims6,000,000,0005,000,000,0004,000,000,0003,000,000,0002,000,000,0001,000,000,000USD Gross premiums Paid claims Loss ratio,paid claims*China,Japan,Hong Kong,India from 2015.Singapore not included(incurred figures available
117、 but cannot be split),China,Japan,Hong Kong only paid available.Source:IUMI 020000202021%706050403020100Stable 4045%until 2014.Increase 201518.Probable impact by Tianjin port explosions and Nat Cat.losses.Improving from 2019.IUMI Stats 202228Global offshore energy in
118、suranceSecond year of straight risesGlobal premiums from the offshore energy sector continued to rise in 2021,reaching USD 3.9 bn,representing an 6.9%increase on 2020.This is the second straight year of rises,following a six-year period of declines(20142019).The demand for offshore energy insurance
119、typically tracks oil prices as projects become viable.Historically,there is an 18-month time lag between improved oil prices and authorised offshore expenditure and unit reactivation.The recent oil price rally already led to an increase in activity by mid-2022 which may be expected to also influence
120、 the premium income positively in the offshore energy segment going forward.At the time of publication of this,oil prices remain high,but volatile.Lloyds of London and the International Underwriting Association(IUA)continue to command the majority of the market,with a respective 33.2%and 32.1%market
121、 share.In 2021 claims were lower than premiums collected.However,a shadow still hangs over the offshore energy market in the form of potentially significant unquantified losses still to arise from 2019.Whilst in recent years we have seen a benign claims environment,it is not entirely clear yet as to
122、 whether we are seeing the full picture.This is due to an increasing backlog in claims reporting.In 2021 there was a reduced hurricane impact,but 2022 has been an active hurricane season.Risks and claims arising from unit reactivation may become bigger issue from 2022.USD global offshore energy prem
123、ium in 2021.3.9 bnIn 2021 claims were lower than premiums collected.IUMI Stats 202229Chart 30:Average oil price per month(USD/bbl)World Bank commodity price data,January 2005July 2022Source:World bank commodity price data,pink sheet data0406080200USD2005200620072008200920013201
124、42000212022 Brent WTIFollowed by oil price rally into 2022Extraordinary drop in 2020IUMI Stats 202230Source:IUMI Chart 31:Offshore energy premium 20122021:bottom passed2000021Premium started to rise again,bottom after decrease from 2014 seems re
125、ached in 2019.Correlated with oil price.Other USA India Egypt Nigeria Italy Nordic Malaysia Japan Brazil Mexico UK(IUA 2012)UK(Lloyds)Willis estimated upstream premium(assumption Lloyds reflects 70%)IUMI:Premiums as reported by associations.Some double-reporting due to global nature of business.Some
126、 overestimation of global premium.Willis:Derived from Lloyds triangulation.Calculation of global premium assumes that Lloyds represents 70%of market over time.Recent reduction in Lloyds market share not taken into account.Underestimation of global premium.Trend not robust against changes inLloyds ma
127、rket share.Chart 32:Offshore energy gross loss ratios Europe*Underwriting years,incl.liability,paid and outstanding as reported by Dec.202160%50%40%20000212020Source:IUMI 2019/2020:Big increase compared to last years status.paid 1st year paid 2nd year paid 3rd year p
128、aid 4th year paid 5th year paid 6th year paid 7th year paid 8th year paid 9th year paid 10th year outstanding*Lloyds,IUA,Nordic30%20%10%Claims on youngest years will still develop.Fragile balance.6,000,0005,000,0004,000,0003,000,0002,000,0001,000,0000IUMI Stats 202231Demand Jan 21 Aug 22%ChangeJack-
129、ups 340 373+10%Utilisation 76%85%+9ppFloaters 110 136+24%Utilisation 66%84%+18ppTotal Rigs 450 509+13%Utilisation 73%85%+13pp Active supply Jan 21 Aug 22%ChangeJack-ups 446 439 2%Floaters 167 162 3%Total Rigs 613 601 2%Source:Clarksons Research8007006004005002001003000Chart 33:Rig market overview:su
130、pply and demand trends Rig demand and utilisationNo.UnitsUtilisation%Aug 08Aug 11Aug 10Aug 09Aug 12Aug 13Aug 14Aug 15Aug 16Aug 17Aug 18Aug 19Aug 20Aug 21Aug 2250 Jack-ups Floaters Jack-up utilisation Floater utilisationIUMI Stats 202232This is the third year that IUMI has presented its ma
131、jor claims database analysis.Since last year,two new reporting countries have joined the project bringing the total to 27.The total number of claims records included have now reached around 11,000 representing total losses of more than USD 17 bn.All participating associations are using a new templat
132、e,leading to improved data quality and consistency across countries,particularly for new data,and for the location of loss.Cargo underwriting is more evenly spread geographically than hull and so the cargo data collected is considered robust and reliable enough to be published for a third year.13 da
133、ta fields are now being reported on and,as a result,major cargo losses have been analysed with respect to loss severity,frequency,location and cause.The reliability of the Hull loss data is now sufficiently robust to allow the publication of the first iteration of major Hull losses.These were presen
134、ted at the Chicago conference and interestingly the Hull loss database represents two thirds of the loss record held.A corresponding chart for Hull loss value and volume(chart 34 on page 33)is now available in the same fashion as Cargo.Consequently,in addition to the Cargo charts included in this re
135、port we show the equivalent Hull versions for average loss,the split over different ranges of loss and number of claims and incurred losses by size and category.The following charts have been produced through a close working relationship with IUMI Professional Partner,the Boston Consulting Group.IUM
136、I wishes to thank the Boston Consulting Group and the IUMI project team members for their valuable contribution to the IUMI major claims database.Chart 35 shows the number of cargo losses and their total and average value for the period 20132021.The average loss for 2021 at USD 1.4 m was the lowest
137、in four years.Note:Figures reflect the state of reporting and will likely change retrospectively as they are updated.Reported figures are as accurate as possible but may not be fully consistent for all countries.All data given is of an informational and non-binding character only.Major claims databa
138、se11,000 records totalling USD 17.3 bn of major losses.11,000 IUMI Stats 2022334004352346350378Source:IUMI Major Claims DatabaseIncurred losses,USDm#of claim recordsAverage losses,USDm1,5001,000500Chart 35:Cargo Incurred losses and average losses in the period 20132021 USDm20132.11.91.51.
139、91.91.01.62.61.420002120193.02.01.00Note:More than 99%of all observations can be used for analysis 8541,1135741,086049502.92.9Explosion inTianjin4351,134*9638858340Source:IUMI Major Claims Database2,000Incurred losses,USDm#of claim recordsAverage losses,US
140、Dm1,0001,500500Chart 34:Hull Incurred losses and average losses in the period 20132020 USDm20131.61.81.61.21.11.31.51.61.620002120192.01.00Note:More than 99%of all observations can be used for analysis*Number of claims in 2017 seems to be an outlier and therefore preliminary/un
141、der investigation 6811,6041,0509029361,4351,4641,1291,2320IUMI Stats 20223410mSource:IUMI Major Claims Database*Number of losses divided by number of claim records for every yearNote:More than 99%of all observations can be used for analysis;Losses are categorized by individual claim records rather t
142、han aggregates/eventsPlease note there may be minor discrepencies due to data sets being rounded up or rounded down.2013 2014 2015 2016 2017 2018 2019 2020 20274352767413513231+15%+4%10%4%3%2%354025243432303533230222022270092839281818Chart 36:Cargo Normalised*number
143、of losses across different loss size buckets in the period 20132021%Chart 36 records the number of losses within specific size buckets across the 20132021 period and also the percentage increase or decrease for that size of loss.It appears that smaller losses are increasing whereas larger losses are
144、 decreasing in number.It appears that smaller losses are increasing.IUMI Stats 202235Chart 37 compares the number of claims with the total percentage of incurred losses.For example,32%of claims were below USD 500,000 and this accounted for 6%of the incurred loss total.6%12%19%13%13%37%32%32%23%7%3%2
145、%Number of claims3,9006,909,885,184Incurred losses,USDSource:IUMI Major Claims Database100%806040200Chart 37:Cargo Number of claims and incurred losses by size categories for the 20132020 accident years Distribution of claims by claim size categories,%Note:99%of all observations can be used for anal
146、ysis;Losses are categorized by individual claim records rather than aggregates/events 10m 5m10m 2.5m5m 1m2.5m 500k1m 500kIUMI Stats 202236Charts 38 40 give further breakdown and analysis of major cargo losses by type and also by mode of transport.It should be noted that charts 35 and 37 exclude the
147、impact of nat cat events(which are included in other charts)to provide further analysis and detail.2000202029263321,026915812474Source:IUMI Major Claims Database1,0008006004002000Chart 38:Cargo Top 10 major losses by type of loss in the period 20132020 USDmNote:Due t
148、o manual mapping work about 89%of all observations can be used for analysis(compared to 80%otherwise);Remaining categories includes minor types of losses(e.g.piracy)Please note there may be minor discrepencies due to data sets being rounded up or rounded down.USDm NatCat events or Natural perils Fir
149、e/Explosion Denting/breakage/latent defect Theft/robbery/burglary Wetting/mould/humidity/water damage General average Contamination Road accident Sabotage/strike Temperature damage Remaining categories Other/unknown20%12%22%14%34%48%10%38%36%14%3%8%5%4%4%9%9%3%5%6%6%4%12%11%6%4%3%13%7%10%28%6%7%10%5
150、%5%26%15%41%2%2%3%15%17%38%21%32%8%7%17%28%18%28%29%3%2%3%3%2%3%2%1%2%2%1%3%1%2%3%5%4%2%2%1%2%2%1%2%3%2%3%2%2%2%2%3%2%1%1%1%2%4%555555Due to manual mapping work about 89%of all observations can be used for analysis.89%9%9%2%1%1%2%4%3%6%IUMI Stats 202237Chart 39:Cargo Number of losses by mode of tran
151、sport in the period 20132021Note:Due to manual mapping work about 61%of all observations can be used for analysis(compared to 57%otherwise)Please note there may be minor discrepencies due to data sets being rounded up or rounded down.Source:IUMI Major Claims Database5004003002002015201620
152、0212019 Air Rail Road Sea Storage Unknown262249247229712%13%14%15%20%13%20%20%26%28%28%35%21%16%21%21%36%31%28%31%38%44%20%22%18%16%25%29%18%12%3%5%15%11%50%21%1%2%5%2%4%1%3%1%3%2%3%1%2%6%27927935%35%0Chart 40:Cargo Number of losses by mode of transport without NatCat events or
153、 natural perils in the period 20132021Note:Due to manual mapping work about 61%of all observations can be used for analysis(compared to 57%otherwise)Please note there may be minor discrepencies due to data sets being rounded up or rounded down.Source:IUMI Major Claims Database500400300200
154、200019 Air Rail Road Sea Storage Unknown12%12%38%32%19%17%32%14%20%39%21%14%23%33%23%15%40%21%20%34%22%4%18%20%40%19%20%18%45%14%16%8%49%23%54142342561%3%1%3%1%3%7%3%1%1%2%5%2%4%186 186 1801803%035%35%20%20%18%18%28%28%IUMI Stats 202238More informationAdditional info
155、rmation such as marine premiums by country,loss ratio triangulations for cargo,hull and offshore energy,and hull and cargo inflation indices are available for IUMI members from the member statistics section of IUMIs website.Data sourcesInformation sources are clearly stated at the foot of each chart
156、.IUMI thanks its partners who have kindly supplied charts or data for this document.IUMI dataIUMIs total world-wide premium includes data from all relevant marine insurance markets in all continents.Loss ratio data is collected from a number of selected countries which are able to provide such data.
157、Since 2017,IUMI has been adding information about accounting year loss ratios from major Asian and Latin American markets and in 2021 also from the US,in addition to the underwriting year loss ratios reported from major European marine insurance markets.Care should be taken when making comparisons w
158、ith earlier figures as data coverage varies in different years and a number of figures will be updated retrospectively.Underwriting year results do develop over a couple of years due to a time lag in claims reporting and payments.The ultimate results as presented in the graphs for the youngest years
159、 are thus estimates derived from typical historical development patterns.When interpreting statistics,caution should always be applied regarding what the data actually relates to.IUMI stresses that all figures released by IUMIs Facts and Figures Committee are global market sums or averages.While the
160、se reflect the average performance of the marine insurance market,individual companies or countries results may differ substantially.As with all averages,individual underwriting units may over or underperform compared with the average.IUMI does not make any statements about what actual applied premi
161、um rates were or should be.The aim of IUMI is solely to provide data as available and raise awareness for the importance of a critical evaluation of the risks covered.DisclaimerThis publication provides general information only and should not be relied upon for business,investment or any other purpo
162、se.Whilst every effort has been made to ensure that the information provided is accurate,this information is provided without any representation or warranty of any kind about its accuracy and IUMI,its officers or representatives cannot be held responsible for any mistakes or omissions.Information,vi
163、ews and opinions expressed are those of IUMI and are not attributed to any individual committee member or officer of IUMI.NotesIUMI Stats 202239IUMI thanks its key data and contentprovidersAbout IUMIThe International Union of Marine Insurance(IUMI)represents 44 national and marine market insurance a
164、nd reinsurance associations.Operating at the forefront of marine risk,it gives a unified voice to the global marine insurance market through effective representation and lobbying activities.As a forum for the exchange of ideas and best practice,IUMI works to raise standards across the industry and p
165、rovides opportunities for education and the collection and publication of industry statistics.IUMI is headquartered in Hamburg and traces its roots back to 1874.International Union of Marine InsuranceGrosse Elbstrasse 3622767 Hamburg,G+49 40 2000 747-0Copyright Copyright 2022 International Union of
166、Marine Insurance/All rights reserved.IUMI Stats 202240Facts&Figures CommitteeJavier Alonso Mapfre ReRobert Copp Axis ReinsuranceBruno Davila-Garcia Boston Consulting GroupPaul Hackett CanopiusStephan Klein General Reinsurance AG,Gen ReSanjiv Singh General Insurance Council Xiaoxuan(Sherwin)Li China
167、P&C Reinsurance Co LtdKotaro Miyata Sompo Japan Insurance IncEmiel Paaij DUPI Underwriting Agencies BVErika Schoch Swiss Reinsurance America CorpLaurent Verheyen SA Jean VerheyenJun Lin Chair GardAstrid Seltmann Vice Chair CeforMathieu Daubin Vice Chair AXA ALDavid Matcham Secretary International Un
168、derwriting AssociationMariella Dauphinee Executive Committee Liaison Intact Insurance CompanyLars Lange IUMI Secretary General&Executive Committee Liaison&Policy Forum Liaison IUMIAt the forefront of marine riskInternational Union of Marine Insurance Grosse Elbstrasse 36 D-22767 Hamburg,Germany Telephone+49 40 2000 747-0 Email