Nick Derrick, chair of the International Union of Marine Insurance (IUMI) Cargo Committee reported a total estimated cargo premium of USD 15 billion for 2016 at the organisation’s annual conference today in Tokyo. This represented a decline of six per cent from 2015 and a further nine per cent decline since 2014.
IUMI – the International Union of Marine Insurance – presented its annual statistical report on the marine insurance market at today’s conference in Tokyo. The association reported that global marine underwriting premiums for 2016 fell to USD 27.5 billion, a 9% reduction on the figure reported for 2015.
The deadly fires aboard the ferries “Nordic Atlantic” just before New Year 2014 and the “Sorrento” in April 2015, prompted an international response from the UN International Maritime Organization (IMO) in May 2015.
Today, in Hong Kong, the International Union of Marine Insurance (IUMI) announced the opening of a new overseas hub in Asia – this is the first time in the organisation’s 142 year history that it has established a permanent presence outside of Europe.
At yesterday’s IUMI marine insurance conference in Genova, Cargo Committee chairman Nick Derrick announced a reduction in global cargo premiums by 9% from 2014 to 2015, the total premium value being US$15.8 billion. He stated a combination of a strong US dollar and falling cargo values as the main reasons for the decline.