London, UK, 26 September 2017Marine Hull & Machinery and War Risks Market Update – September 2017
We are delighted to publish the latest edition of our Marine Hull & Machinery and War Risks Market Update.
With October renewals approaching, the main topic of discussion is whether the market is showing signs of slowing. The recent withdrawal of Generali from the London market and the potential scale down of their hull and machinery book may be an indication of the reducing profitability in the sector.
In this special edition of the Arthur J. Gallagher Marine Hull & War Risks Market Update, we welcomed three renowned Underwriters and the London Business Manager of a leading classification society to the Arthur J. Gallagher office for a round table discussion on issues currently affecting shipping and the insurance market. During our discussion, they were able to offer their own valuable insight into the current Hull and Machinery market as well as the important challenge of managing Cyber risks in the shipping world.
The insurance market is starting to count the cost of the recent major Atlantic windstorms which caused huge destruction in the Caribbean and South East United States. It is too early to say what consequences these will bring for the insurance market as whole and the subsequent knock on effect on the marine insurance market. We will no doubt have a better idea of the likely insured losses and potential impact by the time of our next market review. In the meantime, we expect the industry to respond quickly and assist wherever possible in rebuilding the lives of those affected by these catastrophic events.
Download the full report: Marine Hull & Machinery and War Risks Market Update – September 2017