Feeling the effects of inflation

Claims costs in the shipping industry have surged, with Scandinavian insurers seeing a 20% rise per ship.

According to the Association of Nordic Marine Insurers (Cefor), average claims for marine hull insurance reached over $60,000 per vessel in 2023, up from around $50,000 in previous years.

While the rise seems to have slowed in 2024, final assessments are pending. Despite stable claims frequency at 17%, the cost spike adds pressure as hull insurance capacities grow, and premiums face downward pressure.

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