However, instead of seeing a hike in premiums, companies saw a drop. This, according to insurers, was due to the bad performance of marine hull as a part of the economy. For most Indian general insurers, marine hull accounts for about one per cent to three per cent of their portfolio. The other main contrbitors to the portfolio include motor (own damage and third party) and health segments. An ICICI Lombard General Insurance spokesperson said that in the Rs 1,000 crore marine-hull portfolio, 85-90 per cent was contributed by the energy segment. The other 10 per cent (about Rs 150 crore) was contributed by pure hull. "Hull has seen a slow growth, as international trade and demand for ships have gone down. This has brought down charter rates and decreased valuations, resulting in premium reductions. Devaluation of ships have lead to this muted growth," the ICICI Lombard General Insurance spokesperson said. Mining ban The ban on mining is also another reason for this situation, said insurers.