Marine insurance facing difficult year

Marine insurance is facing another difficult year, with overcapacity and abundant capital forcing yet further rate reductions and potentially putting profits on the skids, the president of the International Union of Marine Insurance (IUMI) has warned. Dieter Berg, senior executive manager at Munich Re, was speaking to sister publication Lloyd’s List last month (February 2017) after the IUMI annual winter meeting in London. His message was broadly similar to the one he delivered at the same event a year ago, which also painted a gloomy picture.