Marine insurance: Tidal waves

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In normal market conditions, the sinking of the Costa Concordia and the havoc wreaked by Superstorm Sandy would have stiffened rates significantly, giving market underwriters the opportunity to recoup their losses.

Despite two record-breaking losses, the high level of capacity in the market means rates have not hardened, with premiums in both the hull and cargo sectors remaining at the bottom of a soft cycle.

This article investigates the outlook for the marine insurance market.