Tianjin blast to raise marine insurance premiums this year

Insurance premiums for the marine branch declined slightly in 2014 to USD 32.6 billion, according to figures from the International Union of Maritime Insurers. A strong dollar played a big role, but major challenges lie ahead, predicts IUMI.

Photo: Ng Han Guan/AP Photo

Global maritime insurance companies can record a 2014 setback in total insurance premiums for the maritime industry, writes the International Union of Maritime Insurers. Altogether, they reached the premium level of USD 32.6 million, corresponding to a decrease of 3.2 percent compared with last year. This was also due to the conversion of local currency to the US dollar, stressed Astrid Seltman, Vice-Chairman of IUMI's facts and figures committee:

"The 2014 reduction was largely attributed to the strong US dollar, particularly for the cargo market which is generally written in other currencies," she says in a press release.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Nina Østergaard Borris takes over as USTC's CEO

Danish billionaire Torben Østergaard-Nielsen passes the position as CEO of USTC to his daughter Nina Østergaard Borris. ”A joint decision by the ownership,” Østergaard-Nielsen tells newspaper.

Further reading

Related articles

Latest news

See all jobs