Global marine underwriting premium dropped 10.5% to $US29.9 billion ($39.1 billion) last year, the International Union of Marine Insurance (IUMI) conference in Genoa heard.

Cargo premium fell 9% to $US15.8 billion ($20.66 billion) due to a strong US dollar and falling cargo values.

The UK continued to dominate the cargo market with a 13.3% market share (8.8% at Lloyd’s and 4.5% at the International Underwriting Association). China and Japan retained 9% and 8.7% market volume respectively.

“The statistics show marine cargo insurers are not making any money,” IUMI cargo committee chairman Nick Derrick said.

“World trade values and exports are down and the slow economic growth has created difficult market conditions. An increase in underwriting capacity is also causing concerns.”

Ocean hull premium fell 8.5% last year to $US7.5 billion ($9.81 billion).

Although the global fleet continued to grow, average insured vessel values fell, and this hit premium income.

Premium in the offshore energy sector dropped 20% to $US4.5 billion ($5.88 billion).