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International

Cargo insurance premiums jump 8% on higher rates, cargo volume

September 23, 2022 Reprints

A report by the International Union of Marine Insurance said that cargo insurance premiums increased 8% to nearly $19 billion in 2021, driven by rising rates and high cargo volume after the COVID-19 shock, Hellenic Shipping News Worldwide reported. While the price hikes improved underwriting results in 2021, this year has brought several challenges for the industry, including inflation and supply chain disruptions.

1. Turkish airlines cancel flights to Iran and Iraq amid war concerns
2. Munich Re names new regional chiefs
3. UAE flash floods likely to be manageable for insurers
4. Chinese drone maker suffers major data breach
5. Inflation drives 10% increase in sum insured for windstorms
6. Apple loses bid to throw out $977M lawsuit over app store fees

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Cargo insurance premiums jump 8% on higher rates, cargo volume

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