Market Watch: Staying afloat
Marine insurance is tricky at best. Add a global recession, laid-up vessels and some soft sectors and you have a market in which only the most exacting will prosper, writes Jane Bernstein.
There is currently mixed news for the marine market. An abundance of capacity and soft rates on both hull and cargo should keep insureds happy but times remain challenging for insurers. While claims costs are stable, many think that laid-up ships and poor maintenance may mean storm clouds ahead unless insurers and brokers can convince their clients to implement effective risk management strategies.
Price and capacity issues have caused concern for some time. When Aon released its 2009 Marine
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