The world's maritime industry is growing in scale in the size ofships and the tonnage they haul, but the London insurance market isfinding itself in a battle with the rest of the world to remain thepremier underwriter for the sector, an insurance brokers reportsaid.
In its Marine Insurance Market Review for 2006, theChicago-based insurance brokerage firm Aon said that while theshipping industry is thriving in a strong global economy, marine"insurers are surviving rather than thriving."
Expectations that 2006 renewal rates would harden afterHurricanes Katrina and Rita did not materialize. Instead, themarket has witnessed fierce competition and new capacity, "ensuringthat prices remain broadly stable," the report finds.
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