Marine market continues to shrink

Delegates to the International Union of Marine Insurers (IUMI) conference in London were confronted with more evidence of the extent to which the global marine market has shrunk over the last few years. Although the figures presented to the conference by the Norwegian Central Union of Marine Underwriters (Cefor) were provisional, the message was clear. Marine underwriters will have to take a much tougher stance on rates if the market is to remain viable.