Marine insurance premiums continue to decline

Disproportion between premium earnings and the obligation to cover sizeable losses is a concern for marine insurance companies after a new decline in income in 2016.

Photo: Carlos Osorio/AP/Polfoto

Marine insurers' underwriting premiums continue to decline, according to new numbers published by the International Union of Marine Insurance (IUMI).

In 2016, premium earnings came to USD 27.5 billion corresponding to a decline of 9 percent. The year before, earnings also showed a drop of 9.9 percent relative to 2014.

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