Speaking recently at the IUMI (International Union of Marine Insurance) conference from Chicago, Rama Chandran, chairperson on the Ocean Hull Committee, expressed concern over the long-term sustainability of the hull and machinery insurance sector.
He said: “Whilst it is encouraging to see the 2021 premium base growing from the previous year we face deteriorating loss ratios, albeit from a low 2020 base. Premium base has only recently begun to creep upwards following a sustained decline since 2012. The increase of 4.1% is lower than the 6% seen last year and the reducing quantum is a worrying trend. Continue reading “Hull and machinery underwriters have significant challenges ahead”