IUMI noted the recent remarks made by the IMO SG with some concern as in the view of the sector, marine insurance is part of the solution, not part of the problem as it has provided cover throughout the crisis, despite the continuing volatility. It is disappointing that insurance has been singled out when the problems are kinetic, navigational and very definitely legal. Prices reflect risk and in fact are considerably below the peak but it should be noted another three ships were attacked this week. The marine insurance market is international and highly competitive so it is difficult to see why governments would or could have a role when the market is working to support owners where legally permissible and is already reacting to current realities.
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