Marine insurers are grappling with increased competition, a soft market, economic uncertainties and the looming threat of piracy. But Dieter Berg, president of the International Union of Marine Insurance, is optimistic around insurers’ ability to stay afloat in this challenging environment. Intelligent Insurer reports.
A combination of softening rates, changes in risk management, economic and geopolitical uncertainties and significant changes in many companies’ business models has transformed marine insurance in recent years.
Vessels are getting bigger, the value of cargo is increasing and the size of claims, while fewer, are increasing also, according to Dieter Berg, senior executive manager at Munich Re and president of the International Union of Marine Insurance (IUMI), speaking ahead of IUMI’s annual marine insurance conference in Genoa, Italy, in mid-September.
But while the environment may be changing, Berg is confident marine insurers can stay afloat in the competitive environment through effective underwriting and a good understanding of increasingly volatile and complex risks.
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IUMI, Munich Re, Dieter Berg, Marine, Catastrophe, Cat Losses, Tianjin, Europe, Global, Risk Management