The big 12 protection and indemnity clubs start the 2025 policy year in rude financial health, despite significant underwriting losses following a string of major claims.
One of the costliest maritime claims in March set the tone for an expensive year, turning the page on two years of underwriting profits and forcing clubs to seek premium hikes.
The destruction of Baltimore’s Francis Scott Key Bridge, after it was struck by the 9,962-teu Dali (built 2015), was the largest and most dramatic of at least 14 claims exceeding $10m ahead of the new policy year starting on 20 February.
