While rates have been generally flat in the Inland Marinemarketplace in 2015, premium growth continues as the slowlyimproving economy drives exposure increases — and overall, the lineremains profitable.
In fact, Conning's 2015 Midyear Inland Marine Segment Reportnotes the estimated 2014 combined ratio for the line is an enviable83, and notes the last time Inland Marine posted an underwritingloss was back in 2001. This consistent profitability — even throughperiods of economic turmoil — has not gone unnoticed, and over thepast several years new entrants have brought plenty of competitioninto the space, exerting pressure on rates.
Despite challenges in the insurance marketplace and in insureds'industries, the slowly improving economy means Inland Marine isstill a good market for insurers. The Conning report says netpremiums written grew 8% in 2014, after increasing 5.7% in2013.
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