Insurance market stabilises

The Lloyds market is starting to stabilise after significant losses from hurricane damage that caused challenges in the marine insurance market earlier in the year.

This resulted in some insurers pulling out and others reducing their presence significantly, according to A-Plan Marine.

As a direct result of these changes, the importance of brokers has become more relevant, says A-Plan’s marine trade manager Malcolm Stewart.

“My team understands the responsibilities we have to our clients and work incredibly hard to make sure the client gets the right advice on the policies we offer, this advice is important to the business owner so they can make informed decisions,” he said.

And he explained that the challenges in the marine market has seen premiums rise and revised conditions imposed on clients making the importance of the right policy with the right insurer an important choice.

There is hope on the horizon with rates starting to stabilise and some insurers relenting their rates to ease the pressure on business owners. However the legacy is one of long memories by underwriters hit with large losses exiting the market place and reluctant to re-enter.

This concentrating of the risks will mean that the extremely competitive market previously enjoyed has gone and been replaced with a marketplace of experienced and knowledgeable underwriters which will cost more.

Latest Press Releases

Jotun Yachting Hunt for Exciting Restoration Project to Sponsor

The team at Jotun Yachting is searching for the most interesting and historically significant restor... Read more

SMG MEET THE MANUFACTURERS 2019 PROMISES TO BE BIGGER AND BETTER THAN EVER

Preparations for Meet the Manufacturers 2019 (MTM2019) are well underway and it promises to be a sup... Read more

MS Amlin Exhibiting at Crick Boat Show 2019

Boat insurance specialists MS Amlin Yacht are pleased to announce that they will be exhibiting at th... Read more

JOTUN DONATION PROVIDES FACILITIES UPGRADE AT FRIARS GOOSE WATER SPORTS CLUB

A £6000 donation from Jotun Paints to Friars Goose Watersports Club in Gateshead has enabled install... Read more

New Fairline Yachts dealership announced for Finland and Estonia

British luxury yacht manufacturer, Fairline Yachts, has announced MP Yachts OY as a new dealer in Fi... Read more

Fairline Yachts announces line-up for Boot Düsseldorf 2019

Boot Düsseldorf – 19-27 January 2019 – Hall 6, Stand D21 Read more

View all