Market remains challenging

The International Union of Marine Insurance held its annual conference in Berlin recently. Here we reproduce some of the stories from the event

IUMI (International Union of Marine Insurance) unveiled its annual report on the marine insurance market at its conference in Berlin and announced global premiums for 2014 of US$32.6bn. Although a 3.2% reduction on the 2013 figure, converting local currencies to a single US dollar figure was impacting on the true result. Vice-chairman of IUMI’s Facts & Figures Committee, Astrid Seltmann explains “The 2014 reduction was largely attributed to the strong US dollar, particularly for the cargo market which is generally written in other currencies.”