Broker Gallagher Specialty is backing the automated placement of so-called “follow” capacity as the way forward for the marine hull and machinery and war risk insurance market.
In its latest review ahead of the 1 January renewals Gallagher said the marine market risks being left behind with around $3.5m of premium annually written algorithmically in London alone.
Marine insurance is structured through a lead expert underwriter which takes the majority of cover.
