Shipping’s insurance costs are set to increase for several years after a sustained period of underwriting losses and high claims in 2024, according to the chief underwriting officer at Britannia P&I Club.
Simon Williams said he expected renewals in February next year to be around 5% to 10% with clubs hit by more, and higher, claims in the second half of this year, he told a webcast featuring P&I leaders hosted by broker Gallagher.
