London P&I Club chief executive Ian Gooch believes the time is right for cover rates to rise and that the mutual's move to secure more premium income is justified.
The club is among those opting to increase rates this year, with a general increase of 7.5%.
“We’ve had three years without a general increase but, actually, if you go back even further than that, rates have been pretty soft and have been reducing for the last four or five years,” he said.
