Premiums on the rise - Shipowners to expect substantial increases

Norway's "Central Union of Marine Underwriters" (CEFOR) released new figures today indicating that results for hull&machinery insurance are improving. However, although better than estimated last year, results are still far from acceptable as loss ratios for 1998 to 2002 are still predicted to remain well above 100%. Says managing director Tore Forsmo: "We have already witnessed rate increases on many acocunts from the most recent renewals. This is a long overdue development, but shipowners should prepare for rate increases in the order of 100% to restore an equilibrum in international marine insurance".

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