Marine insurance: a slight decrease in 2014

The global marine insurance market experienced a decline in its 2014 results. In a report published by the International Union transport insurance (IUMI), the class of business recorded a total premium volume of 32.6 billion USD, down by 3.3% compared to 2013. This reduction is justified by the rise of the dollar against local currencies.

With a turnover of 17.1 billion USD, Europe dominates the marine market with 52.6% of the overall portfolio. The marine cargo alone accumulated 51.9% of the total sales with a total premiums of 16.95 billion USD in 2014. It is followed by marine hull with 7.6 billion USD, or 23.2% of market share.