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.
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