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North P&I to raise premium rates by 10%

Posted On: Nov. 29, 2022 9:14 AM CST


U.K.-based marine insurer North of England P&I Association Ltd. will implement a 10% general increase in its rates for the 2023-2024 policy year, as it looks to prepare for market volatility amid risks from the Ukraine-Russia war and inflationary pressures, Safety4Sea reported. The insurer is also increasing rates by 15% for all freight, demurrage and defense insurance policies written.