Marine Liability: Recapping 2019, Looking Ahead to 2020

By Ford Swift, CSSC, CMSP
Ringler Settlement Group

According to our friends at IUMI (International Union of Marine Insurance), global GDP is forecasted to grow at 2.7%, which marks a slowdown. Furthermore, the U.S. economy is forecast to grow at 2.3%. No surprise to anyone that we continue to operate in a historically low inflation environment, which also translates to lower annuity rates. The annuity side of life proves that this is a security product versus an income product as the structured settlement industry had a record year with over $6 billion in sales.

2019 was characterized by a renewed impact of major losses and especially a high number of fires on container vessels.

In 2018, global marine insurance premiums reached $28.9 billion, or a 1% increase, and are characterized as follows:

• Global Hull 24.4%
• Transport/Cargo 57.4%
• Marine Liability (other than IGPI) 6.7%
• Offshore Energy 11.6%

Secondly, marine premiums by region are as follows:

• Europe 46.4%
• Asia/Pacific 30.7%
• Latin America 10.4%
• North America 6.2%
• Other 6.3%

Consider Ringler Settlement Group for any marine claims stateside where we can employ our expertise for you and on your client’s behalf.

Contact Info:

Ford Swift, Ringler Settlement Group
512-522-2109 (Office)
512-857-9710 (Fax)
fswift@ringlerassociates.com