While rates have been generally flat in the Inland Marine marketplace in 2015, premium growth continues as the slowly improving economy drives exposure increases — and overall, the line remains profitable.
In fact, Conning's 2015 Midyear Inland Marine Segment Report notes the estimated 2014 combined ratio for the line is an enviable 83, and notes the last time Inland Marine posted an underwriting loss was back in 2001. This consistent profitability — even through periods of economic turmoil — has not gone unnoticed, and over the past several years new entrants have brought plenty of competition into the space, exerting pressure on rates.
Despite challenges in the insurance marketplace and in insureds' industries, the slowly improving economy means Inland Marine is still a good market for insurers. The Conning report says net premiums written grew 8% in 2014, after increasing 5.7% in 2013.
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