Marine hull losses are expected to be the worst on record this year following a $1.5 billion loss year in 2007, according to a global market update report released by insurance broker Lockton.
The report, titled “Market Update,” released by the Kansas City, Mo.-based firm, said marine hull insurers believe there were 67 total losses declared in 2006 and that final 2007 figures would bring that number to around 80.
While the number of losses of vessels of more than 500 gross tons has reduced year-over-year since 1990, 2007 is the first year of increase in total losses for the period.
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