There are no grounds for general increases and a good argument that the protection-and-indemnity (P&I) clubs should return more of their wealth to shipowners, according to the Arthur J Gallagher insurance broking group.
In its annual review of the P&I market, Gallagher warns the clubs it will be “asking for more” come the February renewal of cover.
Gallagher P&I division director Malcolm Godfrey applauds the return of funds by nine of the 13 P&I clubs but indicates he had hoped the number would rise to 10.
