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THE STORMY TIDE OF THE MARINE HULL MARKET

  • Feb 25, 2013
  • Reading Time: 1 mins
costa concordia

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.

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