MARINE HULL INSURERS UNDER PRESSURE TO PUSH FOR FURTHER RATE RISES

Lloyd’s marine hull insurers are under pressure to increase rates and reduce their exposure to risk, broker Miller Insurance said. In what is “officially a hard market”, carriers are being forced to apply “ongoing corrective [rate] rises” this year after rate rises of between 10% and 15% last year and increases of 5% to 10% in 2019, Miller said in a report. The hull market is undergoing a period of “competing and opposing pulls” on pricing levels, which is resulting in a “fragile equilibrium”, the broker said.