![International Bulk Journal](https://www.ibj-online.com/images/international-bulk-journal.png)
![Menu](https://www.ibj-online.com/images/showmobnav-bg.png)
(Posted on 13/11/22)
Times are difficult but no need for despair, was the message from Tore Forsmo, Area Manager, Team Norway at The Swedish Club and Vice Chair IUMI, speaking at the Marine Insurance Nordics conference held in Oslo.
Asked to assess the status of the Nordic Marine Insurance Market, and warnings of a perfect storm, Forsmo addressed the main challenges in the industry and offered some hope to the sector moving forward.
He said: “Two of the main challenges in our industry going forward will be how we deal with inflation and financial performance - let’s face it, we are a capital- intensive industry and that capital has to give a return. In reality, however, once operational factors are under control, the main uncertainties and challenges we face today are simply related to the world we live in – and it seems to me that the world right now is maybe in its most critical period since WWII.”
He acknowledged that both geopolitics and economics are currently creating an unpredictable immediate future. However, he pointed to a positive outlook:
“There has been a powerful concurrence of negative factors lately, especially in P&I, but at the end of the day, given these uncertainties, the Nordic marine insurance market is as well positioned as any to face and overcome our immediate challenges.”
Mr Forsmo predicted a fairly stable outlook for the H&M market in the short term but was slightly more pessimistic for the P&I sector. “We have to look at the impact of inflation and of the under-pricing that the market has seen for some time,” he said. “There are still some covid impacts on both the previous and the current P&I year, and of course we are seeing volatility and uncertainty in all global markets as a result of the war in Ukraine.
"On the plus side, however, there is light at the end of the tunnel, with pool claims looking to buck the trend we have seen over the last few years.”
Indeed, as Tore Forsmo reassured the audience: “There is no perfect storm in Nordic marine insurance, neither premium- nor claims-wise, whether H&M or P&I.”
INTERCARGO, the association of dry bulk shipping companies, has released the following statement:&ldquo... Read more
ITOCHU Corporation, ClassNK, Nihon Shipyard Co., Ltd., and Maritime and Port Authority of Singapore (... Read more
The Women's International Shipping & Trading Association UK (WISTA UK) marked its 50th anniversary... Read more
Accidents onboard ships are not decreasing, according to latest accident statistics submitted to the... Read more
Solutions must be in place to help ship owners with navigating the complex challenges of complying with... Read more
Diversity and nurturing talent is high on the agenda for BCS Group – Boers Crew Services as it... Read more
With discussions regarding the IMO’s (International Maritime Organization) Carbon Intensity Indicator... Read more
The Institute of Chartered Shipbrokers (ICS), the professional body for the commercial shipping industry... Read more
Columbia Group and Crowley have signed a strategic cooperation agreement that broadens both companies... Read more
The 2024 edition of The Future of Maritime Safety Report from Inmarsat Maritime, a Viasat company, reveals... Read more