The coronavirus pandemic presented the marine cargo insurance industry with significant challenges. When the distribution of the COVID-19 vaccinations commences, the market will be in the spotlight.
With significant losses over the last couple of years, commercial marine had started moving toward a hard market. Nevertheless, several market research firms have projected growth of $8 billion by 2024.
Even during the coronavirus pandemic, independent insurance agents must stay up to date with the ebb and flow of the dynamic boating industry.
If an agent wants to put their personal marine book in the windward direction, they need to know their starboard from their port to earn a client’s trust.
Looking toward future personal marine trends, the market “will continue to get harder,” says Patrick Kudlich, independent agent, and it “will only continue to get harder as natural disasters increase in strength and number each year.”
Between large-scale vessel losses, back-to-back years of heavy catastrophes and an overabundance of capacity, the commercial marine insurance market has had a tough couple of years.
Due to a recent string of high-profile losses, an overabundance of capital and a lack of underwriting discipline, as well as the increasing frequency and severity of natural catastrophes, commercial marine is currently an unforgiving place to do business.
Pricier technology on boats, fewer younger buyers and stagnant rates lead independent agent and marine insurance specialist Brain DeSousa to believe that “the marine insurance marketplace is probably less profitable today than ever.”
At least 35% of registered boats in the U.S. are uninsured. Here’s how to reap the benefits of a lucrative market that’s hiding in plain sight.
As personal lines face more disruption from directs, captives and InsurTechs, every policy counts. Have you been neglecting personal lines prospects and clients who have marine exposures?
