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20th September 2022

IUMI reports rising cargo insurance premiums

Client news

The International Union of Marine Insurance (IUMI) reports an increase in the 2021 cargo insurance premium base (from 2020) of 8% to USD 18.9 billion alongside an improvement in overall loss ratios.

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After a series of quiet and rather uneventful years for the upstream energy market, recent macroeconomic and socio-political developments have once again put upstream energy center stage. Energy supply still heavily depends on hydrocarbons sources. Energy security concerns have forced western economies to find new providers and energy transition requires the whole sector to think in new innovative ways.

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The fifth annual Global Maritime Issues Monitor reveals that senior maritime decision-makers believe the maritime industry will be most impacted by the decarbonization of shipping and new environmental regulations in the next decade. At the same time, geopolitical issues and workforce and skill shortages rise in prominence as an area of concern.

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Speaking at today’s IUMI (International Union of Marine Insurance) conference from Chicago, Rama Chandran, chairperson of the Ocean Hull Committee expressed concern over the long-term sustainability of the hull and machinery insurance sector.

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