Lower general increases and an easing of financial pressures on insurers have led to fewer moves at this year’s 20 February protection and indemnity renewal.
Brokers said with clubs only applying “soft” general increases of between 5% and 7.5% there was less incentive for owners to switch, while clubs were also under less pressure to clean up their books.
Norway’s Gard and the West of England P&I Club both reported more than 99% of members renewed.
