Troubled times for marine insurers

In-Depth

The overriding message from the 2012 annual conference of the International Union of Marine Insurance (IUMI) in mid-September was depressingly downbeat. Prospects for marine insurers are bleak in the short to medium term, the global marine market has registered its 16th successive year of technical loss and total attritional losses are increasing. Pricing must move up, but efforts to raise premium rates, especially for hull insurance, are being stifled by overcapacity and the abysmal state of fr

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