Emerging markets in Brazil, Columbia India and East Asia are creating opportunities for Ocean Marine underwriters.
“The amount of infrastructure being built in these places is staggering. In India, they can’t keep up with the power requirements,” says Nigel Fitzgerald, marine and energy practice leader for P&C insurance group Crum & Forster.
In many of the world’s fastest-growing economies, countries are “playing catch-up,” according to Fitzgerald. That means more shipments of goods, delivered on a just-in-time basis, to keep up with construction, infrastructure necessities and other demands.
Construction companies are investing huge amounts of capital into these emerging markets, agrees Donald Harrell, senior vice president of marine for Liberty International Underwriters.
The number of projects predicted to get built over the next decade can only mean Ocean Marine writers “will feel the ripple effect,” Harrell says, as massive amounts of building materials get shipped from port to port.