This year’s marine hull renewals will see the biggest struggle between competing interests in the past seven years as owners push for lower premiums, according to insurance broker Miller.
Premiums have risen since 2017, attracting new insurers to the market, but the increased competition will lead to demands from shipping interests for a cut in prices, the broker believes.
Miller likened this year’s renewals to a rollercoaster reaching the top of a curve before a “few screams can be heard from the front seats with cries of over-capacity”.
