Global Marine
Protection & Indemnity (P&I)

As P&I clubs address premium erosion, general increases have made a comeback. At a time when shipping, like most of the global economy, is suffering, this continues to add additional pressure.

P&I Bulletin - July 2022

The 20 February 2022 P&I renewal was one of the more difficult in recent times, with double digit General Increases requested by most clubs, significant hikes in the cost of International Group reinsurance, and many clubs also insisting on deductible increases or other term changes to increase members’ retention.

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As a mutual insurance association, P&I clubs provide risk pooling, information and representation for members. P&I insurance covers risks that are not typically placed in the traditional insurance market. Typical P&I cover can include a carrier's third-party risks for damage caused to cargo during carriage, war risks, and risks of environmental damage such as oil spills and pollution.

A challenging horizon


Much has been said of applying a general increase as means of blanket raising premiums across all members, regardless of individual account performance. With all the actuarial and modelling skills available, P&I clubs should now be in a position to apply increases that relate to adverse loss records.

Clubs should adopt an analytical approach when seeking increases, rather than a unilateral approach. When working with organizations a more detailed analysis of each member’s risk profile hand-in-hand with the context of club performance and the marketplace is encouraged.

Access information on industry topics and financial and P&I-specific market information on all International Group P&I clubs in Aon’s P&I Passport.

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