World marine insurance markets remaining soft despite recession
Tagged: IUMI, premiums, recession, soft market
The report was bleak, with slower demand and falling freight rates forcing shipowners to find efficiencies across the board, and insurers likely to feel the effects through increasing claims and pressure on pricing and conditions. Insurers at the time were predicting a hardening of the marine insurance market, however we saw no evidence of this.
Three months on, and we can report that we have still seen no widespread, significant hardening of the core marine insurance markets. Whilst Hull rates are generally flat, or perhaps rising slightly, Cargo premiums remain negotiable and it is not unknown to see some reductions being offered.
Inevitably, underwriters are seeing a decrease in commodity values, turnovers and ship values. But fortunately for shippers and shipowners, whilst many other classes of general insurance are witnessing premium increases, marine rates are staying low as capacity continues to be allocated to this market by insurers.
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