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In our inaugural journal we mentioned that the journal will be, to a great extent, educational in nature covering hull, cargo, liability and yachts. Perhaps the best place to start our nautical journey in marine insurance is to view its financial impact on a global basis. The figures presented below are for the year 1997. Why 1997? Nineteen ninety-seven is the most recent year for which the International Union of Marine Insurers (IUMI) have produced statistics. The statistics always run two years in arrears and are updated each September at the IUMI annual conference. Some Comparative Figures for1997
Total $13,156,662,000 Global Premium By comparison the Canadian domestic marine community, as reported by the Canadian insurance industry magazines, wrote approximately $150,000,000 including private pleasure craft which the international figures do not include. As you may notice the cargo figures represent over 50% of the GWP. Clearly, the role of ocean marine insurance is significant on an international and global basis. Marine insurance occupies an important role in overseas trade and commerce. As a result of marine insurance offering protection against accidental losses, those engaged in overseas trade are able to utilize their capital more freely. For the outlay of a small sum of money--the premium--the insured is freed from the need to set aside capital to cover accidental losses. Thus this saved resource can be used to finance the expansion of the business. Banks are the principle organization responsible for the financing of overseas trade. One could say that marine insurance is the 'currency' of international trade. More next time. The Mariner's Smile Another summer T-shirt: God made us sister's but Prozac made us friends! Peter J. Taylor, President. Underwriters and Intermediaries in Ocean and Air Cargo, Inland Transit, Transit Liabilities, Marine Liabilities, Commercial Hull, Yachts and Hovercraft. |
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Contact History Mission Statement Privacy Policy Mariner's Journal Application Forms Products Bulletin/News Links Home Ontario: Atlantic Marine Underwriters Inc. Atlantic House 223 Kent Street West Lindsay, Ontario B3K 3W6 Telephone: 705-878-9014 Fax: 705-878-4387 Maritimes: Atlantic Marine Underwriters (Maritimes) Inc. 2453 James Street, Suite 3 Halifax, Nova Scotia B4A 4J4 Telephone: 902-832-0425 Fax: 902-832-2159 |