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FEATURE: Murky waters
02 September 2010
It looks as though only time will pull the marine insurance out of stable but competitive waters as the global economy gradually heals itself.
Read more:
Willis
Guy Carpenter
Brendan Flood
Hiscox
David French
Starr Marine
Simon Stonehouse
Brit Insurance
Richard Close-Smith
Of late the marine insurance market has come to a grinding halt, just like the ships that the market insures. Since the global downturn took hold, world trade and demand for ships have fallen. It is only in areas with noticeable losses that this picture is changing.
For many, it looks as though waters are flat and what is needed is a market changing event or a recovery in the economy.
The July 2010 reinsurance renewals indicated that marine classes that have not been affected by losses remain stable. Pretty much every – excluding energy – is now flat. This compares with the small reductions seen in most lines at the January 1 renewals, points out global brokerage firm Willis.
Cargo and hullAccording to Guy Carpenter, at the July 1 2010 renewals the marine cargo market was essentially flat with small reductions, depending on turnover and experience. Rate increases were seen on...
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