The effect on rates of the factors detailed in the various IUMI documents is unclear particularly with the effects of the pandemic only now filtering through to the market. The decline in trade volumes places pressure on all service providers including cargo and hull underwriters who are both chasing a dwindling pool of ships and cargo. The effect of this will probably filter through the market over the next few years and the uncertainty reported by IUMI is partly because it is still not clear when and if normal trade will resume.

In the interim underwriters will have to continue applying underwriting and risk management principles relating to risk assessment and reinsurance to reduce their exposure in these uncertain times.

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