by Richard Turner, President, International Union of Marine Insurance (IUMI)

Marine underwriting, as the original line of insurance, has suffered in recent years and now finds itself buffeted from many directions, not least by the impact of the coronavirus pandemic (COVID-19).

But shipping moves around 80% of global trade, and so the prognosis for the underlying industry is healthy.

The global fleet will continue to grow in line with trade predictions to feed, heat, clothe and satisfy the varied needs of society at large.

Ships and their cargoes will always need to be insured but, perhaps, in a different way than we see today.

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