Premium reductions in other than exceptional circumstances are becoming hard to find in London’s marine hull insurance market.
In a sign of a hardening market, fleets renewing at the New Year are agreeing expiry terms, or more likely rate rises in the 2.5% to 5% range.
One month on since leading underwriter Peter Townsend put his head over the parapet to warn that something had to be done about the unsustainable level of hull premiums, he is still standing.
