When the International Group of P&I Clubs' pooled claims topped $300m last year, it was considered a sign that a three-year run of benign claims had come to an end.
And brokers expect the current policy year’s pooled claims to be even higher — in excess of $400m — as the claims costs of major casualties continue to rise.
But it is not just major casualties that have been inflating P&I claims costs in recent years.
