Double-digit premium hike likely for shipping companies
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Chris Bhatt, global head of sales, marine, at Aon PLC, expects a 10-20% rise in shipping firms’ hull and machinery insurance premium and a 5-10% increase in protection and indemnity insurance premiums this year, Lloyds List reported. Premiums for non-marine corporate cover are anticipated to see a tenfold increase, especially for directors and officers' liability insurance amid uncertainty caused by the COVID-19 pandemic.
