Steamship Mutual has announced a 5% general increase in premiums at its upcoming policy renewal in February next year.
The move makes the London-based protection and indemnity club the first among the International Group of P&I Clubs to reveal how much more premium it will be seeking from its members.
Amid increasing claims and widespread underwriting losses, almost all the P&I clubs are expected to look for higher premium income at the next policy renewal.
