Marine underwriting premiums rose a modest 24.4% YoY in 2018 to $28.9bn, according to the International Union of Marine Insurance (IUMI). However, Astrid Seltmann, vice-chair of IUMI’s Facts & Figures Committee, said the increase was not enough to overcome uncertainty plaguing the sector. Seltmann cited global issues, including trade rows, as headwinds that would particularly affect the cargo and offshore energy sectors. IUMI said cargo claimed the largest share of the marine premium market, at 57.4%, double the next-biggest sector – hull insurance – which accounted for 1%.
Marine underwriting premiums rose a modest 1% YoY in 2018 to $28.9bn, according to the International Union of Marine Insurance (IUMI). However, Astrid Seltmann, vice-chair of IUMI’s Facts & Figures Committee, said the increase was not enough to overcome uncertainty plaguing the sector. Seltmann cited global issues, including trade rows, as headwinds that would particularly affect the cargo and offshore energy sectors. IUMI said cargo claimed the largest share of the marine premium market, at 57.4%, double the next-biggest sector – hull insurance – which accounted for 24.4%.