NorthStandard will push for a 5% increase in premiums for protection and indemnity renewals in 2025 after recording an underwriting deficit due to a surge in major claims of more than $1m.
The second-largest of the 12 P&I clubs in the International Group said two conflicts and rerouting of vessels had led to an “abnormal” claims environment.
The club’s large claims of more than $1m have increased from five in the first six months of 2023 to 14 over the same period this year, it said in a pre-renewal report.
