We have seen a wave of insurer consolidation in recent years. Where twenty years ago there were dozens of insurers focused on the risks of the maritime sector, now there are considerably fewer. This of course has an impact on insurance capacity, but also on the terms and conditions and premiums for which shipping, shipbuilding and offshore companies can insure their risks. Premiums have increased by about 10% to 15% in the past three years, even for companies with a clear claims record. “The corona pandemic has made insurers even more ‘risk averse’ than they already were” says Peter van den Brink, Industry Director Marine Aon Netherlands.
