Ilias Tsakiris, Chair of the Ocean Hull Committee of International Union of Marine Insurance (IUMI) & General Manager of American Club Europe, proudly represented Cyprus and the Insurance Association of Cyprus at the highest level during IUMI’s Council meeting in hashtag.
Yesterday, at the Ocean Hull Committee workshop, he shared his perspective on the challenging hull marine insurance market and the rising risks across the industry.
Read more about his speech here: https://lnkd.in/eEmGsfpB
Ocean Hull Market Faces Intensifying Risks
At the IUMI Annual Conference in Singapore today, Ilias Tsakiris Chair of the IUMI Ocean Hull Committee, shared key insights on the state of the ocean hull market:
Global hull premiums rose 3.5% in 2024 to USD 9.67B, but competition remains fierce.
The global fleet’s value grew 4% to USD 1.54T, driving greater exposure.
Rising claims severity is fuelled by ageing vessels (average age 22.6 years), machinery failures, and geopolitical disruptions.
The energy transition introduces new hazards with 25–31% of newbuild orders designed for alternative fuels.
Geopolitics — from Red Sea rerouting to sanctions — continues to reshape risk profiles.
Read his comments here https://lnkd.in/eEmGsfpB
GIA Singapore, Shipping Deputy Ministry of Cyprus, Cyprus Shipping Chamber, The American P&I Club
