The ongoing war in Ukraine, inf lation, energy costs, and natural disasters are all driving up risk, according to the International Union of Marine Insurance (IUMI).In its latest report it found that global marine insurance premiums were up 6.4% over 2020, rising to $33 billion in 2021. Lifted by a combination of increased global trade volumes, a stronger US dollar, increased offshore activity, and higher vessel values, premiums for cargo, hull, offshore energy and marine liability rose in 2021. Insurers in Europe and Asia in particular saw premium growth.Astrid Seltmann, vice-chair of IUMI’s facts and figures committee, said while gains had been made in 2021 thanks to the tentative recovery of world trade, the rise in absolute premiums and the fact that the claims impact was benign, the outlook for 2022 had not been as positive since the world economy had been hit by several shocks in the past year. “There is no end in sight for the war in Ukraine, and soaring global energy costs and inf lation, a gloomy outlook for trade, and the possibility of further climate and pandemic-related disruptions are all impacting. Marine underwriters are navigating some extremely complex issues,” said Seltmann
