OLDWICK, N.J.–(BUSINESS WIRE)–In this AMBestTV episode, David Blades, associate director, AM
Best, said the ongoing profitability of the inland marine insurance
sector attracts competition, but competitors face the challenge of
becoming knowledgeable of the sector’s specialized risks. Click on http://www.ambest.com/v.asp?v=inlandmarine619
to view the entire program.
Blades highlighted why the inland marine line of business is one of the
most profitable lines in the U.S. property/casualty industry.
“AM Best believes that the effective specialization of marine
underwriters over time has really driven their historical long-term
profitability,” said Blades. “Additionally, diversification has played a
huge part, since there are a multitude of different risks that are
involved with inland marine coverage, and from an overall stability
perspective, the line has again generated results that have outperformed
the overall marketplace.”
Blades also addressed some of the downsides for insurers associated with
the growth that inland marine insurers are experiencing.
“For established carriers and marine underwriters, new entrances
intensify competition. For those carriers that choose to hold their
ground when faced with insureds being offered coverage at much lower
rates than they might determine are appropriate, or insureds that are
given more liberal coverages, they may have to deal with the fact that
they may lose some business.”
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