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Solvency II may make some marine insurance classes uneconomical to write

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Patrizia Kern, an official at the International Union of Marine Insurance, has said that the new Solvency II regime that takes effect on Jan. 1, 2016, is likely to make certain classes of marine insurance uneconomical to transact, IHS Maritime 360 reports.

The regime "brings with it higher capital requirements for underwriters and will see greater capital management and cost," said Ms. Kern. Such costs could "make certain marine risks uneconomic to write," added Ms. Kern.

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