Protection and indemnity (P&I) renewal for ship owners will see general premiums rate rise by...
Protection and indemnity (P&I) renewal for ship owners will see general premium rates rise by up to 12.5% in 2005, according to Aon's 2004/2005 P&I handbook.
The report said 2004 was a positive year for financial correction for the mutual P&I clubs underwriting P&I cover.
But concerns over an increase in claim levels and indifferent investment returns would mean the 2005 renewal process should be cautious, it said.
Disciplined underwriting by P&I clubs has helped to restore damaged balance sheets and rebuild financial positions going into 2005, the report claimed.
As a result there should be increased emphasis on underwriting and better premium differentiation between good and bad records for ship owners next year.
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