Disconnect widens between hull hazard and premium

Seven years on from Decile 10, SiriusPoint’s head of marine worries hull underwriters are repeating old mistakes – cutting rates and holding deductibles flat just as vessel values, repair costs and geopolitical risks climb

When Lloyd’s initiated its Decile 10 remediation in 2018, the directive was blunt: return to profitability or close. The intervention, triggered by the poor performance exposed by 2017’s spate of catastrophe losses, resulted in the exit of about 25 insurers from the global hull market, including around 20 in the London market alone.