Burning issues for marine insurers

THE shipping industry's insurers are reporting a fall in income even as single claims get ever larger, as is the case with losses incurred by large container ships or cruise vessels.

At its annual conference in Tokyo last week, the International Union of Marine Insurance (IUMI) reported that global marine underwriting premiums fell to US$27.5 billion last year, 9 per cent less than the figure reported the year before.

Astrid Seltmann, vice-chairman of IUMI's Facts & Figures Committee, said: "The 2016 number follows a continuing downward trend in marine underwriting premiums.