Your source of global marine cargo insurance market trends and analysis
The global marine cargo market has been consistently very competitive for many years with premium rating levels remaining relatively low despite the majority of insurer’s profits gradually declining over time.
However, recent attritional losses and weather related claims in North America has focused marine insurers on their underperforming cargo portfolios, which up until recently have always been reasonably profitable.
- London – first market to begin hardening on existing accounts due to years of overcapacity and reductions in premium rates.
- Australia – premiums are decreasing due to competition, economic conditions and falling commodity prices. Insurers are moving towards technical rating as a means to increase premiums.
- USA – still providing rate reductions and relatively easy to obtain good results.
- Singapore – London influenced insurers are already tightening, however locally backed insurers remain competitive.
- Looking forward – we’re still unsure if the hardening London market will directly or indirectly impact all markets, however there is still an abundance of global capacity available.
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