A Message from the Ocean Marine President

A Message from the Ocean Marine President

Welcome to the Summer 2023 edition of Great American Ocean Marine Division’s newsletter, Tide-Ings.

AM Best released the 2022 US Marine results, which shows Gross Written Premium growing by 12.7% to $4.8B. This is a 55% premium growth versus 2018. Unfortunately, the 2022 loss ratio also increased by almost 9 points versus 2021 to 62.6%. This is 4.4 points over the 5-year average.

Contributing to the industry loss figures was Hurricane Ian which hit Florida in late September and was our largest loss since I joined the company 7 ½ years ago. Inflation is still a big concern for carriers as loss costs increase and the market pushes for rates to keep up.

Enjoy the newsletter and make sure to check out our Recent Wins to see examples of the lines of business we are growing in.

As always, thank you for your support of Great American and thank you for all the great you do.

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