The new Best’s Special Report, titled “Inland Marine Rebounding From Pandemic Obstacles,” states that inland marine insurance, generally among the most profitable property/casualty (P/C) lines, experienced its worst loss ratio in 12 years in 2020, even higher than the P/ Industry C overall loss ratio, breaking a decade-long trend. Amid the pandemic surge, inland marine insurers saw costs rise significantly to settle damaged cargo claims and event cancellation contingency claims.
However, according to the report, inland maritime premiums recovered and grew by 15% in 2021, after a 2% drop in the previous year, attributable to the lifting of cargo movement and travel restrictions due to COVID-19, the economic recovery and general tightening. of the commercial insurance market. “If he
Inland marine insurance is made up of a very diverse group of coverages, including cargo insurance, communications equipment (eg, cell phones), event cancellation, fine arts, personal watercraft, and pet health insurance, among others. In particular, pet and travel-related lines of insurance were highlights in 2021, related to pandemic factors. “Although the market remains heavy, with two insurers writing more than 25% of direct premiums, the concentration has been slowly diluting,” he said.
Going forward, the inland marine insurance segment could be affected by lower shipping activity due to inflationary pressures, and if
To access your full copy of this special report, visit http://www3.ambest.com/bestweek/purchase.asp?record_code=307908.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Based in
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