North P&I to raise premium rates by 10%

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.