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Hull and machinery marine underwriting should be choosier about risks

 

Hull and machinery marine insurance underwriters must make better use of claims statistics and turn away risks that they believe are not adequately priced, experts say. 
Speakers at the International Union of Marine Insurance's annual conference in London on Tuesday said underwriters must make better use of models, data and claims statistics if they are to reverse a 16-year run of overall market losses for the sector.
Overcapacity and low barriers to entry into the hull and machinery insurance market are two factors that contribute to continued poor results, according to speakers at the conference.
“A weak market is not good for anyone, including shipowners, because in a weak market we don't differentiate enough between good and bad risks,” said Peter Townsend, a director and head of London marine at Swiss Re Corporate Solutions, a unit of Swiss Re Ltd.
Sharing information about claims, including information on near misses, is hugely important to improve market performance, said Just-Arne Storvik, founder and senior partner of ReCap Solutions Ltd. in London. 


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