Marine
The marine insurance market is stabilizing, but moderate rate hikes persist due to rising claims and repair costs, with carriers emphasising profitability and disciplined underwriting.
The marine insurance market is stabilizing, but moderate rate hikes persist due to rising claims and repair costs, with carriers emphasising profitability and disciplined underwriting.
The marine insurance sector is showing signs of stability; however, modest premium increases are still necessary due to escalating repair costs and claim-related inflation. In the Hull & Machinery segment, rates are largely steady, yet financial pressure continues due to rising labour and material expenses. Protection & Indemnity (P&I) providers are aiming for rate hikes ranging from 2.5% to 7.5%, driven by a surge in liability claims involving crew and third parties. In Marine Liability, U.S. insurers are adjusting their strategies by seeking higher policy thresholds and sharing more risk, especially for large fleet operators. Meanwhile, in Political Risk and Global Trade coverage, underwriters are maintaining a disciplined pricing approach despite softer market conditions, underscoring the importance of strategic risk management and close broker collaboration.
The marine sector is navigating a complex risk landscape shaped by economic, geopolitical, environmental and technological forces. Ongoing conflicts (e.g. Red Sea, Russia-Ukraine) disrupt major trade routes. Increased risk of vessel seizures, detentions and attacks. Rising insurance premiums and rerouting costs due to high-risk zones. Persistent global inflation has driven up the costs of ship maintenance, parts and labour. Growing digitisation and use of autonomous systems expose vessels and port infrastructure to cyberattacks. Risk of ransomware, GPS spoofing and operational disruptions. While down from previous highs, piracy still poses a threat in key regions like the Gulf of Guinea and Southeast Asia.
Hull & Machinery Insurance
Covers physical damage to the vessel, machinery and equipment
Protection & Indemnity (P&I) Insurance
Covers third-party liabilities and legal costs
Cargo Insurance
Mitigates damage from natural disasters
Marine Liability Insurance
Covers legal liability for accidents caused to third parties
Mitigates bodily injury or property damage caused by marine operations
Claims arising from port or terminal activities
Business Interruption Insurance
Covers lost income when a vessel is out of service due to insured damage
Mitigates downtime due to repairs or accidents
Cash flow interruptions from fleet inactivity
Cyber Insurance
Covers cyberattacks, data breaches and operational disruption
Mitigates GPS spoofing, ransomware and IT failures
Political Insurance
Covers government actions affecting assets or trade
Mitigates expropriation, sanctions, currency inconvertibility and trade embargoes
Cargo or vessel seizure due to political unrest
Parametric Insurance
Covers predefined weather or disaster triggers (e.g. wind speed, wave height)
Mitigates faster payouts for climate-related disruptions or damages
Supports better financial planning post-disaster
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