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.
BY KATRINE GRØNVALD RAUN
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.
On Dec. 5, all Russian crude oil will be banned in the EU. But oil from the warring country will still flow into the world market, and both the EU embargo and price cap can be circumvented, predicts sanctions lawyer.