Protection and indemnity clubs will ask members to swallow hikes in premium of up to 10% at next February’s renewal, brokers say — despite unexpected investment windfalls.
P&I club financials for the policy year ending 20 February 2021 have been characterised by underwriting losses, following on from years of similar woes.
The results cast a spotlight on their current dependency on investment returns — as opposed to their traditional core business — that cannot be relied upon in the future.
