Competition for the best risks will help keep rates flat despite inflationary pressures, brokers say, as insurers warn of a challenging year ahead
But numerous concerns remain, ranging from exodus of business to non-western markets to fear of inadvertently breaching sanctions and limited net line capacity for war risk
Global marine insurance premiums rose 6.4% to $33bn in 2021 on the back of increased trade volumes, a stronger US dollar and greater offshore activity, with insurers in Europe and Asia in particular seeing growth
Specialist re/insurance broker appoints Choo in a production and broking role
Exclusions mean underwriters will be writing net lines on Ukraine risks, a leading marine broker says
Both marine mutuals to seek double-digit boost to premium income at next renewal round
The unpredictability of Russia has created a sizeable aggregate exposure risk if it decides to start detaining ships in the Black Sea, Gallagher warns
Combined ratio below 100%, but major claims expected in northern hemisphere winter
West of England, Skuld, American Club and London reveal premium strategies for coming renewal round
Peril accounted for 18% of the value of marine claims in the last five years, valued at an estimate $1.65bn
Moscow’s claim that vessels calling at Russian ports face extortionate insurance costs rejected by market
Excess of loss reinsurance programme is the world’s largest reinsurance contract, allowing affiliate P&I clubs to extend cover beyond the $100m they collectively provide by a further $2bn
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