A leading marine broker is warning shipping to be wary of being lulled by falling hull insurance rates without weighing pressures on profitability. As competition in the marine insurance market continues to push rates down, Charles Gibbs, managing director of Cooper Gay Marine, noted that rates were still falling as new insurers entered the market. The blue-water marine market is as soft as it has been for a number of years," he said. "There is too much capacity, and we have seen more capacity being added in recent months." But established underwriters are keen to keep their core accounts and promote the value of long-term relationships, he noted. Brokers are also keen to push the benefits of a long-term working partnership of the underwriter, broker, and client.
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