Are The Good Times Over?

摘要

The positive trend of the recent years might only remain as good memories to sea cargo Underwriters and P&I Clubs. Claims are increasingly getting more expensive. However it is not an easy task to ask for higher premiums from customers, whose markets are declining and charterers as well as ship owners do reject any such attempts. After a few good years underwriters are about to face a situation like in the 1990s, when they encountered disastrous revenues. The cumbersome catching up of their business since 2000 seems to be melting away again in the wake of a handful excessive disasters and exorbitant claims. Five major incidents during 2007 exceeded the US$ 20 million mark and the adjustment of maritime claims is a lengthy procedure. Underwriters sometimes need five years or more to verify their real losses and to see the actual result of a current business year. Expectations for 2007 can already today be called ?drastical? and even beyond the bad figures of 2006. Pundits are talking about US$ 1.5 Billion expenditure for claims adjustments - still more could reveal at a later stage.