Gloomy insurers look to 'virtuous circle' of loss prevention

LAST week's International Union of Marine Insurance (IUMI) conference was held online from Seoul. Such events are usually jovial affairs when the meeting is held in person, but this latest virtual event was not a barrel of laughs - and understandably so.

Marine insurers find little to be cheerful about these days. Rama Chandran, chairperson of the Ocean Hull Committee, expressed concern over the long-term sustainability of the hull and machinery insurance sector.

He said: "While it is encouraging to see the 2020 premium base growing from the previous year, alongside improvements in loss ratios, we mustn't forget that we are operating from a very low base, and that the premium base has only recently begun to creep up, following a sustained decline since 2012.