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IUMI: Four major risks for marine insurers

Four trends in particular represent a threat to the marine insurance industry going forward, according to the chairman of the International Union of Marine Insurance, Dieter Berg.

Insurance companies working with marine cases should pay attention to four things in particular in the coming years, says chairman Dieter Berg of the International Union of Marine Insurance (IUMI) in a statement.

"The marine insurance sector is undergoing a period of change. We are experiencing a number of external challenges due to increasingly complex technologies and the impact from the financial environment. We are facing increased exposure from information technology, from the growth in offshore oil & gas exploration and from the never-ending search for economies of scale within the shipbuilding and operating sector. Added to that, uncertainty over oil prices and the general economic picture is exposing marine underwriters to a level of risk we’ve not experienced before. We need to ensure we fully understand the risks our industry is facing and offer products that match these new trends and deliver adequate cover for our clients," says Dieter Berg.

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