Most of the members of the International Group of P&I Clubs will face a general increase of between “5% and 10%” in premiums next year, according to marine insurance broker Gallagher.
Gallagher believes the protection and indemnity market is entering a “transitional period” of hardening rates after years of premium erosion.
Only the financially strongest of the 13 International Group clubs will be able to resist the upward trend in rates, according to Malcolm Godfrey, executive director of the marine division at Gallagher.
