Reverberations from Superstorm Sandy and the Costa Concordia disaster, as well as frequent movement among carriers both into and out of the segment, have shaped the face of the ocean marine insurance market for the past year.
John Barnwell, global head of Marine Americas for Allianz Global Corporate & Specialty, says he has seen multiple new entrants in the marine segment in the last few years, among them some carriers that have exhibited renewed interest in the market.
Many recent entrants had been attracted by the inland marine class, which showed handsome profits in 2009 and 2010—especially for those looking to diversify their books of business, Barnwell says.
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