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Mutual insurer marine protection and indemnity clubs asking for rate increases from shipowners at the upcoming 2023 renewals may find it difficult to achieve them, ratings agency A.M. Best Co. Inc. said Tuesday in a report.
Clubs are likely to announce an average 7% increase in rates for the 2023-2024 policy year, driven both by inflation and the need to improve technical pricing levels, Best said.
While that average is down from 11.5% for the 2022-2023 policy year, it is still at the upper end of increases seen in the last decade, Best said.
Renewal discussions with shipowners will be tougher this year due to the clubs’ improved underwriting performance and a return to more normal trading conditions in the shipping market, the report said.
P&I clubs have seen a sharp turnaround in underwriting performance, with most recording their best half-year results in five years due to a lack of new pool claims for the 2022-2023 policy year to date, Best said.
However, investment losses due to turbulence in the bond and equity markets mean most will record bottom-line losses at year-end, Best said.