Best’s Special Report: U.S. Inland Marine Insurance Segment Rebounding From Pandemic Obstacles
The
The new Best’s Special Report, titled, “Inland Marine Rebounding From Pandemic Obstacles,” states that inland marine insurance, typically among the most profitable property/casualty (P/C) lines, experienced its worst loss ratio in 12 years in 2020, even higher than the P/C industry’s overall loss ratio, breaking a decade-long trend. Amid the pandemic surge, inland marine insurers saw costs to settle damaged cargo claims and contingency claims from event cancellations increase significantly.
However, according to the report, inland marine premiums rebounded and grew by 15% in 2021, following a 2% decline in the previous year, attributable to the lifting of COVID-19 travel and cargo movement restrictions, the economic recovery and the general hardening of the commercial insurance market. “If the
Inland marine insurance is composed of a very diverse group of coverages, including cargo, communications equipment (e.g., cell phones), event cancellation, fine art, personal watercraft and pet health insurance, among others. In particular, pet and travel-related insurance lines were bright spots in 2021, related to pandemic factors. “Although the market remains top-heavy, with two insurers writing more than 25% of direct premiums, concentration has been diluting slowly,” said
Going forward, the inland marine insurance segment could be impacted by lower shipping activity due to the inflationary pressures, and if
To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=307908.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in
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