Global marine market faces $1bn loss for 1999

OSLO - Norway's Central Union of Marine Underwriters (CEFOR) haswarned loss ratios for the global marine insurance market could reach170% for 1998 and top 200% for 1999. CEFOR predicts the industrycould lose $3bn in 1999. Tore Forsmo, CEFOR managing director, said:"Not even in our previous worst case estimates did we anticipateanything like this. For those who believe in markets turning, the sadnews is that the next couple of years, irrespective of possible rateincreases, are likely to bring about more disaster before we see anyimprovements. The question is how long corporate investors will sitback and watch their money evaporate."