by Lars Lange, Secretary General, IUMI
Each year, the International Union of Marine Insurance (IUMI) collects and analyses statistics from most of the national insurance associations to report on the current state of the marine insurance market.
This 'Stats Report' has become widely accepted as the definitive bellwether for the industry. In September of this year, we presented our findings for 2023 at our 150th annual conference in Berlin.
Overall, we were pleased to report an encouraging year for marine underwriters. The global insurance premium base grew by 5.9% to reach 38.9 billion US dollars.
This was driven by a continued rise in global trade volumes and values, an increase in the value of most vessel classes, and an oil price rally. From a purely insurance perspective, a reduced market capacity also had a positive impact.
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