Inland marine insurance covers products, materials and equipment that's transported or stored while en route to a final destination. (Shutterstock)
Even before the world watched in horror last month as flames that may have been sparked by renovation work engulfed the iconic Notre-Dame de Paris, members of the Inland Marine Insurance Underwriters Association were concerned about how risk managers can work toward eliminating construction fires, according to IMUA President and CEO Kevin O'Brien.
O'Brien recently gave an interview to A.M. Best in anticipation of his organization's 89th annual meeting, happening May 19-22, 2019, in Leesburg, Va. He said that writing new business remains the largest challenge facing underwriters of inland marine insurance, which covers products, materials and equipment that's transported or stored while en route to a final destination, as the market is highly competitive, includes excess capital, and tends to attract new players who are eager to capitalize on a line of business that historically shows about a 10% higher profit margin than the P&C industry as a whole.
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Elana Ashanti Jefferson
Elana Ashanti Jefferson is ALM PropertyCasualty360's Editor in Chief. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
