A deteriorating claims climate has led to both Gard and Steamship Mutual setting 5% general increases for the 20 February renewal of protection and indemnity cover.
For Gard it is the first general increase in P&I rates since February 2009 and for Steamship Mutual since February 2010.
Gard was hit by a larger than anticipated number of big claims through the first half of the year and as a result ran up a $6m underwriting deficit while Steamship Mutual which can normally look forward to a claims release from old years is warning that a back year deterioration is in prospect.
The
