Marine insurance on slow road to recovery

The International Union of Marine Insurance has seen an improvement in the marine insurance market but remains cautious over a longer-term, sustainable recovery, as Liz Booth reports

In general, IUMI (International Union of Marine Insurance) has reported positive market development from most insurance lines except P&I, and from most geographic regions, stemming from an increased premium base, an extraordinary low claims frequency and a better-than-expected economic bounce-back from the initial effects of the pandemic.