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IUMI: Anarchy reigns in ship insurance

The global market for ship insurance has generally not been profitable for 17 years. Overcapacity weighs down the market, the president of International Union of Maritime Insurers, IUMI, tells ShippingWatch.

Photo: IMO

The global ship insurance market is approaching anarchy, says Ole Wikborg, president of the International Union of Maritime Insurers (IUMI) and Director and senior underwriter at Norwegian Hull Club.

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