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Posted on September 4, 2024 by Mike Schwarz

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IUMI report shows global marine insurance premiums total $39.92 billion

[caption id="attachment_28325" align="alignright" width="385"] IUMI report shows global marine insurance premiums total $39.92 billion[/caption]

The 2024 global marine insurance market showed relative stability according to the International Union of Marine Insurance (IUMI). In the IUMI Stats Report 2025 it said global marine insurance premiums total USD39.92 billion in 2024 — a 1.5% uplift on 2023. Stability was seen across all lines of business except for offshore energy where premiums reduced by almost 8%. Drivers included a continued rise in global trade volumes and values (cargo), changes in vessel numbers and values (hull) and oil price dynamics (offshore energy).

Ocean hull premiums were reported at USD9.67 billion, up by 3.5% on the previous year. Europe continues to dominate and reported an unbroken growth trend since 2019. Growth in the Russian hull market reached 42% largely due to sanctions preventing Russia from placing risks overseas. Loss ratios for Europe remained relatively stable.

Premiums for cargo insurance reached USD22.64 billion representing a 1.6% uptick on last year. Subdued growth was largely due to general economic and trade conditions. China performed particularly well, however. Loss ratios improved for the sixth consecutive year.

The offshore energy sector reversed its recent run of premium base growth to report a 7.9% reduction at USD4.34 billion for 2024. London continues to dominate this market with a 60% share. Notably, the Nordics was the only market to expand its share in 2024 (by 27%). A pressurised oil price, sanctions, decarbonisation initiatives and market capacity have all played a part in the performance of this business line.

The report also provides an update on IUMI’s Major Claims Database which contains data from 2013 onward with 30 national insurance associations now contributing to the hull and cargo analysis. More than 17,400 observations have now been recorded.

Additionally, and for the first time, the report introduces the newly revised IUMI Hull Inflation Index which helps insurers to explain marine repair cost inflation using a range of macroeconomic indicators.

IUMI Secretary General Lars Lange said: “As we progressed through 2024 and into 2025 we have seen some significant headwinds creating challenges for all lines of business. Geopolitical and trade tensions have generated an unprecedented level of uncertainty involving war risks, tariffs and other economic measures. Global interest rates have fallen, inflation is down in most regions but the weak US dollar is squeezing premium income whilst adding to claims costs for those insurers paying out in non-US dollar currencies. Added to this, the ongoing issues surrounding the greening of the global fleet – notwithstanding the recent IMO decision to delay – is a major challenge to be addressed as is the need to cover a growing fleet where the average vessel age is approaching 23 years. Climate change, the persistence of large vessel fires and risk accumulations continue to impact underwriters.”

Download the full report: [download id="960"]

The post IUMI report shows global marine insurance premiums total $39.92 billion appeared first on The International Institute of Marine Surveying (IIMS).

Product safety report for Mercury Marine 450R and 500R outboard motors

[caption id="attachment_57543" align="alignright" width="385"] Product safety report for Mercury Marine 450R and 500R outboard motors[/caption]

The UK Office for Product Safety and Standards (OPSS) has issued a product safety report for two models of Mercury Marine 450R and 500R outboard motors.

The reason for the recall is that these outboard motors present a risk of injuries as users could trap their fingers in the top cowl air vents during use. The products do not meet the requirements of the Recreational Craft Regulations 2017.

This notice applies to:

Mercury Marine 450R – serial numbers 1E083006 to 1E099696
Mercury Marine 500R – serial numbers 1E099432 to 1E102508

Mercury Marine is providing a bezel assembly to cover the top air vents of the affected engine models. Consumers with affected products should take their boat to any Mercury Marine Authorised Dealer for bezel installation.

You can find your local Mercury Marine dealer here

For further information, you can email the UK importer E. P Barrus Ltd via customerservices@barrus.co.uk

Download the product safety report:[download id="961"]

The post Product safety report for Mercury Marine 450R and 500R outboard motors appeared first on The International Institute of Marine Surveying (IIMS).

ABS and Persona AI partnership to bring humanoid robotics to shipyards

[caption id="attachment_57645" align="alignright" width="385"] ABS and Persona AI partnership to bring humanoid robotics to shipyards. Conceptual image courtesy of Persona AI[/caption]

A collaboration to develop inspection technologies for Persona AI’s humanoid robot platform was formalized with the signing of an MOU between ABS and Persona AI and bring humanoid robotics to shipyards.

The initiative will focus on adapting Persona AI’s humanoid robots, based in part on NASA’s robotic hand technology, for a range of shipyard tasks. Unlike traditional industrial robots, humanoid robots are uniquely suited to operate in shipyards designed for human workers, offering flexibility and mobility in complex, confined, or ergonomically challenging spaces.

Under the MOU, ABS and Persona AI will collaborate on a series of joint development projects, collecting data to support classification during ship construction.

Ultimately, it will support development of new ABS standards for the types and quality of data required to support digital and remote survey techniques. These standards will not only guide future robot design but also help understand how to collect, evaluate, and apply robotic data for certification and compliance purposes.

“ABS is proud to lead the way in advancing the safe integration of emerging technologies into the maritime industry,” said John McDonald, ABS President and Chief Operating Officer. “This collaboration with Persona AI reflects our commitment to innovation and safety, as we work to establish the standards and protocols that will enable humanoid robots to perform complex tasks reliably and securely in shipyard environments. By combining cutting-edge robotics with ABS’s deep expertise in certification and safety, we’re helping shape a smarter, safer future for shipbuilding.”

Nic Radford, CEO and Co-Founder of Persona AI said, “This marks a defining moment for the shipbuilding industry. Partnering with ABS, the global authority on maritime standards, demonstrates that humanoid robotics are no longer a distant concept but on a path toward certified reality, set to transform how this industry builds, innovates, and competes.”

The post ABS and Persona AI partnership to bring humanoid robotics to shipyards appeared first on The International Institute of Marine Surveying (IIMS).

Fatal Silver Condor sinking reflects long-standing safety issues in commercial fishing

[caption id="attachment_40775" align="alignright" width="385"] Fatal Silver Condor sinking reflects long-standing safety issues in commercial fishing[/caption]

The Transportation Safety Board of Canada has published its final investigation report into the fatal Silver Condor sinking, which resulted in the deaths of three crew members near La Tabatière, Quebec.

What happened

On 24 September 2023, the fishing vessel Silver Condor, with 6 people on board, began its return trip to port after fishing for redfish. Around midnight on 25 September, the vessel started listing to port and sinking by the stern; as the vessel sank, all people on board entered the water.

At 0230, search and rescue authorities received a signal from the Silver Condor’s emergency position-indicating radio beacon. After trying to contact the vessel without success, a search was launched using several vessels and aircraft. All the people were eventually recovered from the water and brought to the hospital in Corner Brook, Newfoundland and Labrador. Three of the people were treated for hypothermia and other injuries, and the other 3 were declared dead. The vessel was not recovered.

Findings

These are the factors that were found to have caused or contributed to the occurrence:

The vessel was likely operated beyond its stability limits, reducing its freeboard and its reserve buoyancy, which contributed to its sinking when the sea state degraded.
Not all of the vessel’s immersion suits were accessible as the vessel sank; consequently, a crew member donned only a life jacket and, after being exposed to the cold water environment, he became hypothermic and died.
The way the life raft was stored likely prevented it from floating freely when the vessel sank by the stern. Consequently, the life raft was inaccessible to the complement as they abandoned ship, and they were then exposed to the elements.
Crew members had to don their immersion suits quickly because the vessel was rapidly sinking; consequently, 2 crew members did not don their suits properly and were exposed to cold water without adequate protection, which contributed to their deaths.
The master was acutely fatigued, which likely reduced his ability to recognize and respond to the unfolding emergency.

These are the factors in the occurrence that were found to pose a risk to the transportation system. These factors may or may not have been causal or contributing to the occurrence but could pose a risk in the future:

If the maximum weight of catch for safe loading of a fishing vessel is not readily available and shared among all crew members on board, there is a risk that the vessel will be overloaded and that its stability will be compromised.

If operational decisions are made according to a perception of vessel safety rather than validated limits, there is a risk that the vessel will be operated in a manner that may compromise its safety.
If personnel working on board a vessel do not regularly practise responding to emergencies with drills that include realistic scenarios, there is a risk that they will not respond effectively in an actual emergency.
If personnel on board a vessel have not been familiarized with activating the vessel’s distress alerting devices, the personnel might not be able to transmit an emergency signal, creating a risk that the emergency response will not be timely.
If there are gaps in actual radio coverage from coast stations in sea area A1, there is a risk that mariners will not be able to communicate with those stations, which could impede or delay response in an emergency.
If the regulatory oversight of radio equipment installation and maintenance is ineffective, equipment deficiencies can remain unidentified, creating a risk that emergency communications will be impacted.
If the complement of a fishing vessel works without sufficient periods of rest, there is a risk that they will not be able to respond effectively to an emergency.

These findings resolve an issue of controversy, identify a mitigating circumstance, or acknowledge a noteworthy element of the occurrence:

At the time of the occurrence, the vessel’s safety inspection certificate issued by Transport Canada was expired. The certificate was not valid when the Department of Fisheries and Oceans granted an experimental fishing licence to the vessel.
The master had been medically restricted from performing watchkeeping duties. However, during the occurrence voyage, he kept watch alone during the day and at night when the Marine Personnel Regulations required a certified watchkeeper and 1 other crew member to be on watch during periods of darkness.

In a news release, TSB added commercial fishing continues to rank among the most dangerous occupations in Canada and remains on the TSB’s Watchlist due to persistent risks. This accident reflects long-standing safety issues in the industry and reinforces the need for improved day-to-day safety practices, such as operating within validated stability limits, ensuring ready access to lifesaving equipment, and conducting realistic drills to improve survivability when things go wrong at sea.

Download the full report: [download id="962"]

The post Fatal Silver Condor sinking reflects long-standing safety issues in commercial fishing appeared first on The International Institute of Marine Surveying (IIMS).

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