Struggling to stay afloat
Even though the market has hardened, hull and cargo underwriters still face desperate times, writes Paul Lang
After successive years of serious losses, marine insurance markets hardened dramatically at the end of the 1990s, and insurers have persisted with strong medicine to try and turn their fortunes around. Hull, cargo and liability premiums have risen on average between 10% and 35% per year, much to the chagrin of owners and shippers already hit by depressed global freight markets. Yet many underwriters know that even this dose is too weak to combat increasing claims costs, hardening reinsurance
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