Marine Insurance Obsolesence
From the very first combined marine trade insurance policy the market developed into a fairly stable state consisting of a handful of providers. However, in the last six years more capacity in this specialist market has been introduced. In 2014 alone we have seen no less than 3 new insurers launch combined marine trade products and from a handful of policy wordings a few years ago we now have over a dozen significant players in the Market with others having come and gone in the same period.
The problem for the provider is now similar to that which the majority of the non-marine insurance segment faces – a perennial soft market and a race to the bottom of the premium barrel.