The International Union of Marine Insurance (IUMI) reported annual revenue of $33bn in 2021, a 6.4% increase compared to the previous year.

The growth in premium income is further evidence of the hardening marine insurance market, but the increase was also helped by a strengthening of the US dollar and a rebound in trade following the pandemic.

Speaking at the IUMI conference in Chicago vice chair of the facts and figures committee Astrid Seltmann said it had been another good year for marine insurers.