An abundance of marine insurance capacity means buyers still hold all the cards and there is little chance that the situation will change in the medium term. Rates in the hull and cargo insurance markets are still at a low ebb and a leading broker believes only a significant exit of capacity would trigger a price rise. Hull underwriters reported their 17th consecutive year of losses in 2013, and there have been calls for rates to increase to levels that the insurers believe are at least sustainable.
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