London, UK, 1 November 2016Marine Hull & Machinery and War Risks Market Update – November 2016
We are pleased to publish the November 2016 edition of the Arthur J. Gallagher Marine Hull & War Risks Market Report.
With the summer months now over, the market is preparing for the end of year renewals amid a continued softening environment across the full spectrum of marine hull and war risks. Capacity for complex risks continues to be readily available and another tranche of recent Underwriter moves will keep downward pressure on rates. Nevertheless, there have been some high profile recent casualties in the market which are examined in more detail later in the report. Marine underwriters from around the world met in September in Genoa for the IUMI conference. In the short term, no major changes are expected but there are many that view some of the rating reductions currently being offered as unsustainable.
Along with the usual commentary on recent casualties and war/piracy incidents, we are pleased to present an article in this report discussing the changes in the York Antwerp rules, by Duncan Ealand and Menalos Nicolaou from the law firm Campbell Johnston Clark.
Click here to download the bulletin: Marine Hull & Machinery and War Risks Market Update – November 2016