IUMI reports improvement in marine insurance market – cautiously optimistic

The International Union of Marine Insurance, IUMI, reports rising premiums for marine insurers in 2020, where the number of claims was "extraordinarily low" due to the Covid-19 pandemic.

Photo: Uncredited/AP/Ritzau Scanpix

Marine insurers saw their premiums rise in 2020 due to one overriding factor, reports IUMI during its annual meeting held these days in Seoul, South Korea - namely Covid-19.

In 2020, the maritime insurance companies' subscription premiums came to USD 30 billion, an increase of 6.1 percent from the previous year, writes the IUMI in a statement, adding that there are generally positive developments in all types of insurance, except P&I.

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