A new level of determination is evident in the marine insurance market but underwriters’ hopes of a rate recovery remain just that.
The hull insurance business has been showing early signs of revival but a state of the market report from the Jardine Lloyd Thompson (JLT) insurance broking group suggests this is still quite limited.
Sean Woollerson, a senior partner in JLT’s marine division, said the foundations for a harder market were in place but the hull market remained generally flat at the New Year renewals.
