Recent marine hull losses have cost the global insurance market up to £481.3m.

That's the claim of the Joint Hull Committee (JHC), which said in its annual report that losses will add, "yet more pressure" to rates.

JHC chairman Simon Beale said: "These recent losses will give the underwriting market no choice but to take the necessary action to rapidly return the business to acceptable levels of profitability."

A string of expensive claims have hit the marine market recently. The 'Diamond Princess' was engulfed by fire in Japan earlier this year, shortly after the 'Jolly Rubino' and 'Limberg' casualties.

The rates warning comes amid mounting concern over the stability of marine rates worldwide.

Beale added: "These events put huge additional pressure on rating levels within the hull account at a time when existing rates are well known to be at an uneconomic levels."

Topics