The UK P&I Club has increased rates to 12.5% based on the volatile nature of the claims environment.
According to the board, 2004 is showing early signs of being a year of heavy claims, though 2002 and 2003 policy years have improved over the past six months.
The 2004 year marked volatility in investment returns, which were expected to drop to 2% in 2004 from 18% in 2003, the P&I Club said.
