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The need to secure rate increases will be countered by the financial pressures faced by policyholders. -
The four major developments of the week include:
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The cargo market is anticipating average 15% rate rises in 2021, compared with 20% last year.
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CEO Richard Harries and active underwriter Toby Drysdale outline the carrier’s ambitions as it leans into the pricing cycle.
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The broker sees the new capacity in the wider insurance sector as unlikely to enter the hull market.
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The P&I club says it increased its market share across all other lines, including hull and energy.
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The sector is trying to secure better underwriting terms amid a financially challenging period for shipowners.
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Market sources said that ongoing economic disruption is likely to keep pricing in the market high.
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The majority of London underwriters said they expected rates across their cyber book would be up 30% for the year.
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The CEO said his company would be going on offense to accelerate book value growth while strong market conditions lasted.
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Event definitions were also tightened at renewals, the broker said.
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The two European carriers are bullish after achieving the best overall rate increases since 2018 at 1 January.
