Falvey said that the past few years have seen a “massive decentralization” on the procurement side, driving changes in how goods are delivered to customers. That, in turn, has impacted the insurance space.
“Cargo and marine insurance globally had, back in 2015, started losing money as a marketplace for a few years, and rates were going down a lot,” Falvey said. “The hurricanes of Harvey, Irma and Maria really put a spotlight on the marketplace, as lots of large losses were coming into the space. So it drove a major review of rating adequacy, and so rates across the industry