With 2020 being one of the most unpredictable of years, the Hull & Machinery insurance market has been strangely predictable. Increased claims from natural disasters, historical poor performance of the marine hull portfolio and the effects of the reduction in marine capacity all contributed to a continued hardening.
Despite having a clear forecast for the previous 12 months, conditions have been far from straight forward, with the Hull & Machinery insurance market experiencing a number challenges. Clean renewals have attracted double digit rate increases. Renewals where the loss records have been challenging have seen Underwriters look to charge significant increases or take other remedial action.
To keep you informed on the events shaping the 2021 Hull and Machinery market landscape, our team of marine specialists have produced a report outlining this year’s expectations for underwriting and the market, whilst also providing an update on market moves, casualties and environmental regulation.