Aon report on P&I insurance renewal

The least flexible P&I (protection & indemnity) insurance renewal in memory saw shipowners’ rates increase by 15.55% and led to Clubs obtaining a record 96% of the originally advertised requirement of US$389mn, according to the Aon PLF P&I Post-Renewal Report 2008/9. Against a backdrop of spiralling pool claims and an ‘absurdly’ late reinsurance tariff announcement, Aon said it was calling for full transparency in how individual owners’ premiums are allocated.