The world's maritime industry is growing in scale in the size of ships and the tonnage they haul, but the London insurance market is finding itself in a battle with the rest of the world to remain the premier underwriter for the sector, an insurance brokers report said.
In its Marine Insurance Market Review for 2006, the Chicago-based insurance brokerage firm Aon said that while the shipping industry is thriving in a strong global economy, marine "insurers are surviving rather than thriving."
Expectations that 2006 renewal rates would harden after Hurricanes Katrina and Rita did not materialize. Instead, the market has witnessed fierce competition and new capacity, "ensuring that prices remain broadly stable," the report finds.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
