As reported by InsuranceAsia News, a challenging renewal for marine writers in the region has been partially influenced by Covid restrictions that have eased significantly, meaning that the marine market loss ratio for the APAC region has been relatively stable.

Wang Wei, Chief Executive of Rare Earth Insurance Partners, noted, “marine was the most difficult sector and whilst terms were available, markets were often sceptical. Marine treaty, especially cargo, used to be one of the most flexible classes in the market, because the loss ratio for the whole market was good in the old days, especially in China.” … 

“In APAC, non-proportional treaty prices went up 18-20%, especially for cat risks.” … “The war and sanctions have had their influence treaty placement, but far less than the market’s biggest issue – capacity. This year the situation is different: for all classes, even if an insurance company could get the deal with a reputable reinsurance leader, they had problems finding capacity from the markets,” Rare Earth’s Wei said.

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