Ukraine war, energy crisis threaten marine insurance market

According to the International Union of Marine Insurance, the global marine insurance market faces several challenges this year due to the Ukraine-Russia war, energy crisis, climate change and COVID-19 disruptions, Hellenic Shipping News Worldwide reported. Global marine insurance premiums surged to $33 billion in 2021 as the sector benefitted from a tentative recovery from the COVID-19 induced challenges and a claims slowdown alongside premium rate hikes.