Marine hull and machinery insurance rates finally appear to be hardening following a series of tough measures under taken by Lloyd’s of London chief executive John Neal to make the 331-year-old market profitable again.

While shipowners will groan at the thought of paying more for marine insurance, underwriters are celebrating the first signs that more than two decades of declining rates may be coming to an end.

Bolstering teams

Underwriter Beazley highlighted marine as an attractive market in its latest earning’s report, while brokers suggest the likes of Canopius and Asia Capital Reinsurance have been bolstering underwriting teams to take on more marine business.