A restructuring of the International Group of Protection & Indemnity Clubs’ massive $3.1bn reinsurance programme looks set to provide a more cost-efficient model for the shipping industry.
Discounts have been won for shipowners under the annual renegotiation of the Group General Excess of Loss and Collective Overspill Insurance Programme, which provides reinsurance cover for 90% of the world fleet, for the insurance year 2019 to 2020.
