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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.

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