Marine insurers face a stormy market, battered by declines in trade, expansion of piracy, stalled capital markets and lower investment returns, an insurance brokerage reports.
Rate increases for clients with good loss records have been minimal in most marine classes as values for insured assets have fallen, according to the annual analysis by London-based Willis Group Holdings on the marine market, titled "Riding the Waves."
Despite a hardening of marine reinsurance rates at the start of 2009, with no contraction in direct marine underwriting capacity, the initial increase in direct rates has largely evaporated, Willis reported.
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