The financial fallout from the coronavirus pandemic is exerting pressure on marine insurers to increase rates.
There have been costly marine losses for insurers despite hopes that quieter trade activity would reduce claims.
The global pandemic is now likely to give added impetus to the market’s nascent turnaround.
Hiscox Marine cargo underwriter Richard Golder
Social distancing and new digital technology may have put paid to traditional business practices at the world’s oldest marine insurance market.
The insurance industry has stepped up efforts to be more socially responsible in response to the equality and human rights protests that emerged following the death of George Floyd in the US.
Automation in marine insurance is developing beyond underwriting and into the area of cargo claims settlement.
Marine broking team shaking off the chains of tradition in favour of a high-tech approach tailored to post-Covid-19 world.