Global insurance premiums are rising but not enough to cover the increasing risks and claims costs in shipping according to the International Union of Marine Insurers (IUMI).
The hard hit hull and machinery market even registered a dip in premiums in 2017.
IUMI vice chairman of the facts and figures committee Astrid Seltmann told the insurance industry’s annual gathering in Cape Town that overall cargo and hull and other marine insurance streams had seen a 2% increase in 2017.
