Although ship owners could face challenges in negotiating 2009/2010 renewals as marine insurers seek rate increases, abundant capacity means competitive forces will create a balancing act in the market, according to Aon’s 2009 Marine Insurance Outlook.

Protection & indemnity rates rose an average of 15 percent at the February renewals as insurers adapted to falling revenues and lower premiums due to recessionary hits of decreasing investment income and reduced marine activity in the recession. Hull and liability underwriters are looking at rate increases of as much as 7.5 percent for attractive businesses.

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