Non-renewals increasingly common in cat-exposed recreational marine: Risk Strategies
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Non-renewals increasingly common in cat-exposed recreational marine: Risk Strategies

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Retail broker Risk Strategies has said that both premiums and deductibles in the marine market are expected to increase, as underwriting requirements become more stringent and non-renewals become commonplace for risks with cat exposures – particularly in Florida, the Bahamas and the Caribbean.

In its 2023 market outlook, the Boston-based broker forecast that the marine market will see rate increases of 10%-50% for hull values between $100,000 and $1mn, 5%-10% increases for vessels valued between $1mn and $10m, and flat renewals or...

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