The protection and indemnity market remains deceptively calm with claims remaining benign and modest general increases at the last renewal.

But Stephen Hawke of PL Ferrari sees rougher seas ahead as the Costa Concordia and Rena claims change perceptions of risk and push reinsurance costs upwards.

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Speaking at TradeWinds Marine Risk Forum in London Hawke said that although it has been plain sailing for the clubs most shipowners are suffering financially and that is a problem for the clubs.

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