Marine Cargo Insurance Market Update Q2 2021
Snapshot
- Both locally and globally, the number of claims are increasing due to bushfires, container losses, general average and port losses.
- Pricing has continued to increase at a steady rate. Accounts with good loss experience are seeing increases of up to 10%, whereas poor-records accounts will experience over 10% increase.
- Limited capacity, with London and U.S. markets exhausted and new players entering the space.
The marine cargo market, both in Australia and worldwide, has been consistently competitive over the years, with relatively low premium ratings despite many insurer profits’ decline overtime. However, logistical disruption and weather catastrophes that have resulted in loss claims have forced marine insurers to focus on underperforming cargo portfolios.
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