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Speaking at today’s IUMI (International Union of Marine Insurance) annual conference in Toronto, Canada, Sean Dalton, Chair of IUMI’s Cargo Committee reported a 2.5% increase in 2018 global premiums to USD 16.6 billion. However, the increase was largely attributable to growth in global trade and exchange rate fluctuations.

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Today, IUMI – the International Union of Marine Insurance – presented its analysis of the latest marine insurance market trends at this week’s annual conference in Toronto, Canada. Marine underwriting premiums for 2018 were recorded at USD 28.9 billion which represents a single percentage point rise from 2017. With significant challenges facing the market, the modest increase is not significant to herald an upturn in the fortunes of the marine insurance sector.

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“Confronting the chaos for a sustainable future” is the common theme being debated at this year’s IUMI (International Union of Marine Insurance) conference in Toronto, Canada this week. IUMI President, Richard Turner, opened the world’s largest and most influential gathering of marine underwriters by attempting to understand whether today’s market was truly characterised by “chaos”.

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The Baltic Exchange has launched a new assessment to track the cost of operating vessels. Initially covering a range of dry bulk vessels, the service will also be expanded to tankers and other sectors. 

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