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At today’s IUMI (International Union of Marine Insurance) conference in Toronto, Canada, James McDonald, Chair of the IUMI Offshore Energy Committee reported a further reduction in global offshore energy premiums. Global premiums in this sector were reported to be USD 3.4 billion which represented a 3% reduction from 2017. This continued the downward trend: premiums in 2017 were down 5% on the previous year and premiums in 2016 were down 21% on 2015.

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Today – 17 September – IUMI (the International Union of Marine Insurance) has published a revision of its position paper containing recommendations aimed at improving the prevention of cargo theft and countering this growing issue. Cargo crime has reached alarming proportions, and IUMI urges further steps to better facilitate the safe and secure flow of goods within the global supply chain and minimise risk. In particular, efforts by law enforcement agencies to increase transnational cooperation to combat cargo theft must be further enhanced.

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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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