Three new reporting countries for IUMI Major Claims Database

In IUMI Stats 2021 the marine association of insurers once again presented its major claims database analysis. Since last year there have been three new reporting countries that have joined the project, bringing the total to 25.

The total number of claims records included has now reached around 9,000 representing total losses of more than $14bn.

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 second year.

Thirteen data 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.

Work is ongoing to improve the reliability of the hull loss data collected and to engage further with the hull underwriting community. Once achieved, it is IUMI’s intention to publish hull loss data also.

IUMI thanked the Boston Consulting Group and the IUMI project team members “for their valuable contribution to the IUMI major claims database”.

The average loss for 2020 was $2.8m, the second-highest incurred for the period after 2015, which was heavily impacted by the explosion in Tianjin.

Looking at the period 2013 to 2020 it appeared that smaller losses were increasing, whereas larger losses were decreasing in number. 30% of claims were below $500,000 and this accounted for just 5% of the incurred loss total.