Italian marine insurance broker PL Ferrari has warned that a decision not to have a general increase at 12 of the 13 members of the International Group of Protection & Indemnity Clubs is “masking” worsening market fundamentals that are set to trigger rate increases in the coming years.
The commentary came after all the P&I clubs have recently announced their position on rates for the coming year with only the West of England opting for a general increase of 5%.
