Insight and Intelligence on the London & International Insurance Markets

22 May 2012

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Marine mutuals keep rein on P&I costs

3 February 2010

Shipowners enduring the prolonged downturn in world trade are set to emerge from the 20 February protection and indemnity (P&I) renewal with modest premium and reinsurance rate increases.

The 13 members of the International Group of P&I Clubs (IG) have announced average general rate increases of just 5 percent for the new 2010/11 policy year.

London is the centre for the P&I market, which insures shipowners' third-party liabilities for 90 percent of the world fleet. The IG places one of...

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