London, UK, 11 August 2015Marine Hull & Machinery and War Risks Market Update – August 2015
Welcome to the August 2015 edition of the Arthur J. Gallagher Marine Hull & Machinery and War Risks Market Update. With September renewals approaching the market will look to take stock over the summer months on what has largely been a period of further softening in the market. The insurance market conditions remain favourable for ship owners and will be some relief for those in areas which continue to struggle, especially the dry bulk sector which is still showing little sign of improvement.
Recent events in the Middle East have heightened security threats for shipping in the region. The conflict in Yemen has greatly increased the risk for vessels making calls to Yemeni ports. Furthermore, Iran has been taking action against vessels/owners with which they have had previous commercial disputes. As always, news reports and analysis on all recent events are provided later in this publication.