The UK-based North P&I Club is set to report a whopping 110% combined ratio, demonstrating an increasing underwriting loss as costly claims soar and premiums go into decline.
Among the expensive casualties to appear on the protection and indemnity club’s books this year is the 1,118-teu SSL Kolkata (built 2007), which has been aground off the environmentally sensitive area of the Sundarbans in India after a major fire onboard.
