It is time for underwriters to move away from providing traditional insurance products and instead offer balance sheet protection, according to top underwriter Ole Wikborg.
Wikborg says it is not enough for underwriters to sit back and wait for the hull market to change; they need to develop financial products to meet the changing needs of clients.
“Maybe we should stop selling loss of hire insurance and rather talk about trade disruption insurance,” Wikborg argued at a round table of leading hull underwriters organised by the Arthur J Gallagher broking group.
