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 told a webcast featuring protection and indemnity leaders hosted by broker Gallagher that he expects renewals in February to rise by 5% to 10% after clubs are hit by more, and higher, claims in the second half of this year.
