Marine Cargo Insurance Market Insights 2022

Key report insights include:

• Early challenges for the marine cargo market were seen this year as the effects of the conflict in Ukraine prompted the majority of Australia and the world to invoke sanctions, leading to the rollout of Notice of Cancellations on cargo and war risks, followed by blanket exclusions for transits to, from, within or through Russia, Russia North Caucasus, and Ukraine.
• A surge in appetite to underwrite marine cargo has driven free capacity in Australia with insurers showing interest to write medium-sized general cargo accounts and some open to writing more complex project cargo and DSU.
• Interest in stock throughput (STP) placements has remained strong and it is anticipated this interest in STP and marine cargo with extended storage policies will continue to grow into 2023.
  
• A positive shift for the customer is underway, with general renewal increases commonly in the single digits. Over the next 12 to 24 months, as insurers return to profit with their new underwriting positions stabilising, rates will likely plateau.
• Looking ahead importance will be placed on accurate declaration of goods and shipments, marine warranty surveys and client risk management strategies. In turn, it is anticipated rates will ease and capacity increase.

Read more in our 2022 Marine Cargo Insurance Market Insights.