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

Shakespeare Marine to Launch the World’s First Inflatable Emergency VHF Antenna at METSTRADE 2018

Shakespeare® Marine, world leader in marine antenna design, announces it is launching the, the world... Read more

Fairline Yachts to strengthen management team

Since its launch just over two years ago, Fairline Yachts has been winning awards for its new models... Read more

OverBoard launch new colourful limited-edition collection

Leaders in waterproof bags and cases, OverBoard, prove that functionality doesn’t have to be boring ... Read more

Fairline Yachts’ Targa 43 wins at World Yachts Trophies 2018

Luxury British motor yacht manufacturer, Fairline Yachts, was announced as the winner of a highly pr... Read more

View all