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Marine insurance union says percentage of overall hull losses down to record low

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Figures from the International Union of Marine Insurance show that the percentage of overall hull losses has dropped to a record low, Nigerian newspaper Business Day reported.

The frequency fell in 2013 and is now at a record low of 0.13% in terms of numbers. MOL Comfort, which sank off the coast of Yemen in mid-2013, significantly affected the cargo insurance market with a projected insured loss of between $300 million and $400 million, reports Business Day.

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