Natural disasters play havoc for marine insurers in 2017

The property and casualty (P&C) insurance sector recorded the worst natural catastrophe losses in history in 2017 which has subsequently increased the pressure on marine insurers to improve results.

Damage caused by the hurricanes Harvey, Irma, Nate and Maria, the earthquake in Mexico, monsoons in Bangladesh, storms in Durban and wildfires in California all contributed to the heavy losses.

While marine insurers might not be directly affected by these events, many are part of larger P&C companies which will be ramping up efforts to combat last year’s losses.