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Swiss Re: Shipowners and brokers are laughing at us

Through 17 years in a row, ship insurance has apparently been a losing business. Peter Townsend, head of shipping at Swiss Re in London, says that the industry has become a joke.

It's not every day you see a leading industry figure ridicule himself as well as his own industry of underwriters, but that's what happened when Peter Townsend, Swiss Re's London head of shipping, spoke at the International Union of Marine Insurance conference in London recently.

The ship insurance industry has achieved negative results for the past 17 years, over time becoming a "ridiculous share," and the companies have no one to blame but themselves.

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