The International Union of Marine Insurance (IUMI) reported another year of declines in cargo premiums and warned its members that the industry faced a impending shake-up.

IUMI said cargo premium for 2016 totaled $15bn, a 9% drop from 2014 levels. Nick Derrick, who heads IUMI's cargo committee, said the downward trend stemmed from exchange rates and weak trading conditions.

Despite world trade values and volumes increasing, Derrick said the decline in cargo premiums resulted in the sector "making a technical loss for the fifth consecutive year."