January reinsurance renewals to be challenging for hull insurers

Mike Ingham, the divisional director of marine at Arthur J. Gallagher & Co., said the upcoming January reinsurance renewals will be challenging for hull insurers, as reinsurers look for rate hikes and larger net retentions, Reinsurance News reported. Rates are hardening due to huge losses across some insurance lines and inflation, and Mr. Ingham said the market is already seeing large losses on aviation war and war on land policies that are often combined with marine and energy programs.