U.S. Insurance Market Report 2012: Marine
Published: 03-Feb- 2012 | Comments: 0
Highlights from the marine section of the U.S. Insurance Market Report 2012 include:
Hull, P&I, and Marine Liabilities
- Blue water hull: Overcapacity continues to drive competitiveness.
- Blue water hull and P&I: International group clubs expected to take a firm posture on negotiations.
- Brown water P&I: Ample capacity drives competitiveness, but some pressure on conditions.
- Marine liabilities: Small increase over already ample capacity for most risks, but continued underwriter focus on submission information and conditions.
Brown Water Marine
- Economy slowly beginning to pick up.
- Mandatory plug and abandonment jobs are plentiful.
- Certain new contracts entering Gulf of Mexico.
- Capacity for cargo and stock throughputs expanded by approximately 15 percent and 20 percent, respectively, in 2011 and will expand further in 2012.
- The global marine cargo and stock throughput market was not significantly impacted by the numerous catastrophic events of 2011.
- Marine cargo insurers’ results continued to show a profit in 2011.