Marine Insurers Set to Raise Rates by Up to 7% for 2025 Amid Rising Claims
Marine Insurers Set to Raise Rates by Up to 7% for 2025 Amid Rising Claims

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Marine insurers are implementing rate increases for 2025, driven by rising claims costs and inflation, impacting the industry’s financial stability. The American Steamship Owners Mutual Protection and Indemnity Association announced a 7% increase in risk pricing, while the Swedish Club and the London Club have opted for 5% increases, citing higher-severity claims and economic uncertainties. These adjustments come as claims severity has outpaced initial estimates, leading insurers to maintain conservative margins. Overall, the marine insurance sector is adjusting to a volatile landscape characterized by geopolitical tensions and an increase in large claims.

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