The marine stock throughput program remains viable as property markets remove inventory exposure. Insurers continue to assess CAT risks, reviewing limits and deductibles amid climate concerns.
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Rate predictions: Marine Cargo
Trend
Range
United States market - Transit & stock throughput
Good loss experience
Flat to -5%
Marginal to poor loss experience
+5% or higher
London market - Transit & stock throughput
Good loss experience
Flat to -10%
Marginal to poor loss experience
+5% and higher
Marine insurers continue to compete for market share by relaxing underwriting guidelines; however, profitability continues to be a high priority for the global marine market. With insurers focused on bottom line profitability, the following underwriting diligence remains:
Certain business segments and exposures — such as temperature sensitive products, pharma, automobiles, theft attractive and high hazard CAT exposures — are subject to more scrutiny than others.
Detailed exposure information and differentiating insureds from their peers remain crucial to securing favorable terms and conditions.
Insurers continue to monitor their respective portfolios to manage their aggregation of risk in high CAT risk regions.
To best position the client in the market, analytical tools should be employed to optimize its program structures (with a focus on retention, CAT limits, aggregates, etc.).
Geopolitical global landscape
Insurers continue to include an absolute exclusion for Russia, Ukraine, Belarus.
Market continues to watch geopolitical activity in the region of the Rea Sea.
Insurers are closely watching relations between China and Taiwan and the potential impact on the region and on the global supply chain.
Disclaimer
Willis Towers Watson hopes you found the general information provided in this publication informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, Willis Towers Watson offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).
