The marine hull market is facing a challenging time ahead following losses in 2012. Quite a statement, given that the market hasn't seen a profit for 15 years but unsurprising of course when you hear of cases such as the Costa Concordia – now known to be the largest insured loss in shipping history – and other vessels with claims ranging from human error to fires.
Marine broker Nigel Miller of Miller Insurance claimed these big, frequent losses are causing a 'perfect storm' for the marine hull market.
But how will it impact on the market into 2013; will the reinsurance market force prices up, or will capital providers withdraw?
For more information on Miller's viewpoint, read the full article in The Independent Broker.