Tokio Marine Holdings has reported higher hull and cargo premiums in the first quarter of 2019, adding to recent evidence that the market is hardening.
In its consolidated results the giant Japanese insurance group, which includes Tokio Marine HCC and Tokio Marine Kiln, said its direct hull and cargo premiums had increased by 7% to ¥30bn ($285m).
But, it added, hull and cargo net claims paid had also increased by 9% to ¥14bn.
By contrast, Tokio Marine Holding's total net written premium fell by 1.7% to ¥905bn.
Although the figures suggest marine and cargo are one of Tokyo Marine’s stronger segments, it represents less than 5% of the insurance provider's total premium income.
Recovering market
However, the figures will likely be welcomed by marine insurers that are looking for evidence of a market recovery.
TradeWinds earlier reported that two other main line hull and cargo insurance providers, Beazely and the Lancashire Group, had logged stronger premium income in the sector.
There is anecdotal evidence that rates are starting to harden at Lloyd’s of London, where marine insurance providers are under pressure from the market’s management to improve profitability.
