Marine insurance rates are in for a period of hardening, according to a new report released by WIS Research.
The report, entitled Global Marine Insurance Review 2001, also states that the premiums paid for all classes of marine insurance will rise through to 2005.
The authors, Laurence Winter, a former underwriter at Lloyd’s,and Professor Gerry Dickinson of City University Business School in London, see a rise in the share of the market occupied by developing countries, the largest of which is in China, as well as a growth in regional insurance centres as suppliers struggle to be both global and local in reach.
Also the bundling together of marine insurance with alternative risk transfer products such as securitisation is more likely in the years to come, they say.
The 100-page report analyses all the major lines of marine insurance by country and major region.