Protection and indemnity insurers are facing their costliest claims year since the 2012 grounding of the 114,000-gt Costa Concordia (built 2006) on the Italian island of Giglio that led to a $1.2bn wreck removal.
The cost of International Group of P&I Clubs' pooled claims — representing those that exceed $10m — stood at a record high of $300m in August, which is the halfway point in the current policy year.
