Shipowners to see up to 55% increase in reinsurance costs

U.K.-based International Group of Protection & Indemnity Clubs has announced increases in the GXL reinsurance costs for 2022 that ship owners pay on top of P&I premiums, with rises between 15% and 55% depending on the vessel type, Lloyd’s List reported. Reinsurance premiums are being driven hardening market conditions and the deterioration in its claims record with reinsurance partners.