The Nordic Association of Marine Insurers (Cefor) half-year hull insurance market report for 2023 indicates that the industry’s claims frequency and costs have returned to pre-pandemic levels.

There are also warning signs that global inflation is having an impact with average claims costs also increasing.

According to Cefor’s figures, there have been four losses in excess of $10m and one in the $30m to $50m range in the first half of this year.