![Rama Chandran expressed concern over the sustainability of the hull and machinery insurance sector.](https://iims-media-library.s3.eu-west-2.amazonaws.com/wp-content/uploads/2022/09/12115325/iumi-2022-logo.jpg)
Speaking recently at the IUMI (International Union of Marine Insurance) conference from Chicago, Rama Chandran, chairperson on the Ocean Hull Committee, expressed concern over the long-term sustainability of the hull and machinery insurance sector.
He said: “Whilst it is encouraging to see the 2021 premium base growing from the previous year we face deteriorating loss ratios, albeit from a low 2020 base. Premium base has only recently begun to creep upwards following a sustained decline since 2012. The increase of 4.1% is lower than the 6% seen last year and the reducing quantum is a worrying trend. Continue reading “Hull and machinery underwriters have significant challenges ahead”