Protection and indemnity insurers are facing a make-or-break February policy renewal amid fears that, without securing more premium, some may be unable to survive further underwriting losses.
Broker Wilson Europe estimates that the International Group of P&I Clubs' underwriting losses have been significantly worsening over the past three years.
According to its figures in 2021, the International Group's 13 members reported a collective $593m pure underwriting deficit, compared with losses of $446.8m
