Maritime Industry, Marine Insurance, Difficult

After an inauspicious start, 2012 will be another difficult and uncertain year for the maritime industry faced with the aftermath of the Costa Concordia, further problems in the Euro zone, pirate attacks and increased sanctions. The latest report reveals the Hull market is in a state of flux following the Costa Concordiadisaster in January. Some underwriters in the London insurance market, which will bear the majority of the estimated USD 500m hull claim, are adamantly refusing premium reductions or even flat renewals.

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