The latter part of 2017 was characterised by a tougher stance on renewals from a number of Underwriters, and the year as a whole was widely reported as the most expensive year on record for US natural catapstrophes. In spite of this, the Hull & Machinery market is still characterised by plentiful capacity for international business. There has been no meaningful retraction of capacity as yet and although the market is undoubtedly stabilising, there are no short term signs of a significant hardening.
Cyber Risk has been a hot topic in 2017 and addressing the exposures faced by the shipping community will continue to be a top priority this year. We are working closely with our clients to identify and manage exposures whilst at the same time addressing these exposures with Underwriters in order to find insurance solutions where possible.