Global marine underwriting premiums down

Global marine underwriting premiums for 2016 fell by 9% to US$27.5bn according to the International Union of Marine Insurance (IUMI).

The decline was driven by the strong value of the US dollar compared to other currencies, general weak market conditions, general commodity prices and the state of the shipping and offshore sectors.

Vice-chairman of the IUMI’s facts and figures committee, Astrid Seltmann, said: “This worrying downward trend leads to an increasing mismatch between income levels and the marine insurer’s obligation to cover major losses, particularly in light of the trend for larger vessels and greater accumulation of risks in port.”