Magazine date:
Jul 2016 According to the latest figures published by the International Union of Marine Insurance (IUMI), marine insurance totaled 29.9 billion USD in premiums in 2015, down by10.5% in comparison with 2014.
As in previous years, this decline is due to the slowing global economy and the rise of the dollar against local currencies.
In detail, Europe dominates the shipping market with 50.4% of the overall portfolio, followed by Pacific Asia, Latin America and North America with respectively 27.1%, 9.8%, and 5.9% of market shares.
At the industry level, the marine hull market represents alone, 52.9% of underwritings. It is followed by the marine hull (25%), energy (15%) and third party liability classes of business (7.1%).
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