Protection and indemnity insurers are expecting their underwriting performance to improve after a second year of rate increases at the recent February policy renewal.
The Standard Club forecasts its combined ratio, which reflects its underwriting performance, will improve to 105%, for the year to 20 February 2022, based on rate rises achieved in its 2021 renewal.
The club said at the latest 2022 renewal its insured fleet had grown by 11m gt to 158m gt as it pushed through a 10% general increase in rates.
