The pandemic’s impact on the economy, international trade and safety of crew members has made it a very challenging year for not just shipowners but also the entire global marine sector.
Marine PI

Off the back of tough 2018 and 2019 policy years, the COVID-19 outbreak has compounded these difficulties within the 2020 policy year, as underwriting performance deteriorated across almost all the Clubs.

Pool claims and back year deterioration remain a dominant feature and high on the agenda for all Clubs. That said, the notable investment gains of 2019 and bounce back from the 2020 low have, to some extent, helped cushion Club finances from the full economic impact of these losses. Investment markets, however, remain extremely volatile and it is too early to predict where these will lie at the end of the 2020 policy year as Global events unfold.

As the 20th February 2021 renewal approaches, we hope that you will find our 2020 analysis of the Clubs’ financial position, market underwriting and the claims landscape informative.

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