The world marine insurance market is steadily increasing, delegates to the International Union of Marine Insurance (IUMI) conference have been told. IUMI analyst Astrid Seltmenn's presentation to the Copenhagen event this month provided the facts and figures behind the burgeoning global market.

Gross reported marine insurance premium pushed closer to $US20 billion ($23.05 billion) in the 2006 financial year, up from $US14 billion ($16.14 billion) just five years earlier. That increase can be partly attributed to the weakening US dollar, but the underlying trends are positive.

The total volume of world trade, for example, has been increasing steadily over the past 12 years. The dollar value of that trade has rocketed even higher - 250% since the 1995 base year.

The bulk of marine insurance premiums are taken out for cargo and transport. These were worth $US10 billion ($11.52 billion) in the 2006 financial year. Global hull insurance premiums increased about 10% to just over $US5 billion ($5.77 billion) and the total value of insurance for offshore energy installations rose to about $US3 billion ($3.46 billion).