Cargo insurance premiums up 33%; second fastest after personal accident biz

The sudden jump in the volume of oil, gas and coal being transported across the seas is pushing up cargo insurance premiums for India’s general insurance companies.
 
This is significant as the cargo insurance market had declined by close to 8 per cent in FY21. However, in the current financial year (till August), the total premium for the sector has jumped by 33.6 percent, making it the second fastest after personal accident business, eclipsing heavyweights, motor and health insurance.
 
“The market is very competitive, but the tenders are now coming at a rapid pace,” said a senior marine insurance