More shipowners enjoying benefits of Asian placement in these difficult times
Tagged: Asia, capacity, insurers, shipowner, shipping, underwriting
Some believe that Asian-based underwriters are dedicated to the Asian-based shipowning market (putting aside Japan and Korea’s involvement in the large fleets) to the exclusion of non-Asian tonnage.
Capacity in the marine markets remains buoyant and given the disparate way in which the Asian market is loosely structured there is less market sentiment than perhaps there is in other more close-knit underwriting locations.
This lack of market sentiment creates an environment where risks are rated more subjectively based on loss records, fleet profiles etc., rather than against a benchmark of the market as a whole. Owners can therefore enjoy the benefits of their own strong track record without being negatively affected by a wider statistics-driven rating.
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