Marine Insurance Projections For 2020 Uncertainty Continues to Prevail

Photo from RISK AND INSURANCE "A BRIEF HISTORY OF MARINE INSURANCE "https://riskandinsurance.com/brief-history-marine-insurance/  short
and concise read that will give you a lot of back ground data 

INTRODUCTION:
Generally marine insurance markets have been somewhat suppressed through most of 2019. It seems logical, looking at the numbers, that the market may have bottomed out in this last quarter of 2019. Despite evolving under writing conditions in response to the sluggish market most experts do not see any real improvement over 2019 conditions for at least the first quarter of 2020.

UNCERTAINTY FOR THE IMMEDIATE FUTURE PREVAILS ACROSS ALL MARINE INSURANCE LINES

:EXPERT ANALYSTS EXPECT:

Continuing uncertainty, a continued lack of a coherent national maritime policy for the U.S., continuing geopolitical /economic tensions, and acrobatic commodity prices all combine to create uncertainty in the market. These factors make the prediction of rates difficult, and the establishing of reserves tricky.

A rise in maritime insurance premiums across the board of at least a single percentage point

Major losses and changed liabilities under the new International Safety Management System ISM is causing an increased potential of risk

Oil prices are steadying. increasing demand from the Offshore oil exploration and support market but depressed charter day rates due to reduced reduced vessel utilization rates leads to price resistance in this important market. 

Container ship fires are increasing and are increasingly complex in terms of assessing risk and establishing reserves.

Over all 2020 reminds of the ancient Chinese curse: " May you live in interesting times" 

 NEED EXPERT ASSISTANCE WITH ISM REQUIREMENTS, OR IMPLEMENTATION, OR AUDITING? 

William H. Toohey III AFNI

Toohey Marine LLC

Master Unlimited

ISO 9001:2015 Lead Auditor Class
(Bureau Veritas)

ISM Lead Auditor (ABS Certified)

IMCA CMID Vessel Inspector

Vessel Compliance/Training/Safety Officer

Cell: 504-432-1958

Email: skiffrunner@gmail.com