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

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.