NorthStandard will push for a 5% increase in premiums for protection and indemnity renewals in 2025 after recording an underwriting deficit due to a surge in major claims of more than $1m.
The Newcastle upon Tyne-based insurer, the second largest of the 12 P&I clubs in the international group, said two conflicts and re-routing of vessels had led to an “abnormal” claims environment.
