Page 64 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - ΟΚΤΩΒΡΙΟΣ 2024

ON THE SEAFRONT

IUMI: POSITIVITY AND UNCERTAINTY “Shipowners are investing in growing their
ON THE CARDS FOR OCEAN HULL fleets with more technologically advanced
UNDERWRITERS vessels to meet the demands of global trade
Chairing the Ocean Hull Workshop at the Inter- and consequently hull underwriters have
national Union of Marine Insurance (IUMI) 150th expanded their covers for these higher-value
annual conference in Berlin (Germany) that took assets”.
place on 17 September, Ilias Tsakiris, General However, he warned of potential challenges
Manager of American Club Europe, CEO of on the horizon from new capacity entering the
Hellenic Hull, and Chair of IUMI’s Ocean Hull market, particularly through existing insurers
Committee opened by saying: seeking rapid growth.
“As we celebrate this milestone, we are reminded One of the significant issues Mr Tsakiris raised
of the legacy we have inherited but also of our was the impact of geopolitical tensions on
responsibility to prepare for the future. The global trade routes, particularly in the Middle
marine insurance sector has a long history of East. He pointed to the ongoing Red Sea crisis,
adaptability, and now, more than ever, we must where the activities of the Houthi rebels had
remain nimble as the world around us changes”. led to considerable disruption.
He emphasised the continuing growth of global “Many shipowners are avoiding the Suez Canal,
ocean hull premiums, which rose by 7.6% in choosing longer routes around Africa to safe-
2023, reaching USD 9.2 billion. He explained guard their vessels and crews”, Tsakiris said.
that this growth was due to increased shipping This shift, he explained, was not without con-
activity and the rising value of vessels. sequences.

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