The lockdowns of the past 18 months or so have given us all time to think and readjust our priorities. Like never before yacht owners and potential purchasers have been giving thought to their work-life balance, the risks of travelling and where in the world can a vacation actually take place? All of this has had a knock-on effect on the market, making yacht insurers’ lives busier than expected.
Mike Wimbridge, managing director, Pantaenius told Superyacht Investor: “I think in the chain of insurance buying people have had a little more time to reflect, rather than maybe just renew year-on-year. Throw into that the fact that some insurance markets are looking at what they write and possibly increasing prices and changing terms and conditions for risks they’re less concerned about.” Wimbridge is clear he is not talking about “bad risks”, but said some underwriters are looking at their portfolios.
