The International Union of Marine Insurance (IUMI) has reported an increase in the 2021 cargo insurance premium base (from 2020) of 8% to USD 18.9 billion.
In most markets, cargo premiums have increased, with China leading the growth in 2021. China now accounts for 14% of the cargo market share, with the UK (Lloyd’s of London and the International Underwriting Association) taking up 12.2%.
Isabelle Therrien, Chairperson of the IUMI Cargo Committee, said, “The cargo market has shown growth in 2021 partly due to a rise in the volume of cargo shipped globally combined with the pricing corrective measure still prevalent in that underwriting year… However, the industry is still facing headwinds as the global supply chain remains volatile and is still dealing with the aftershock of the pandemic.”