P&I renewal report from Aon

Ship owners faced a more benign Protection and Indemnity (P&I) renewal at 20 February 2010, according to the marine division of Aon Risk Services. Against a back drop of an improving claims trend, and for some, favourable investment performance, better prospects for the P&I clubs meant that general increases (often the starting point for renewal negotiation) ranged between nil and 12.5%, with a market average of 4.54%. This is in stark contrast to 2009, when owners faced general increases in the 10% to 29% range.