As mega-ports and inland transportation routes speed up to meet global demand, the ongoing imposition of Covid-19 restrictions is a major factor driving up the volume and cost of claims
Elevated combined ratios look like being the norm across the International Group for some time yet, as payouts and expenses continue to breach premium income
After three years of hardening rates in hull and cargo, capacity inflows are starting to dampen price hikes, but underwriters warn the segment’s risk profile has not fundamentally changed
The sector must grapple with a challenging mix of threats
Bunkering of fuels remains a complex issue, and poor fuels and poor handling of fuels constitute a significant risk for vessels and their insurers
Insurers’ ability to respond to maritime pollution incidents efficiently has never been more important in terms of reducing fines and legal fees by keeping claims out of the court system
There have been calls for a better solution than general average to allocate the cost of cargo sacrifice, but technology can do a lot to improve the process
Next renewal round will be the second year of a hard market, with no early end in sight, according to Gallagher
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