Capital strength in 2014

After a difficult year ending February 2013, the global marine protection and indemnity (P&I) insurance sector looks set for some improvement for February 2014, particularly in terms of underwriting results, said Standard & Poor’s Ratings Services (S&P). “P&I Insurance Clubs’ Favorable Capital Positions Should Support Ratings In Choppy Waters Through 2014” pointed out total free reserves for the International Group of Protection and Indemnity Clubs (IG) could increase by up to US$100m, although this rise is barely perceptible when set against the February 2013 total of just under $4.1bn. S&P predicted results for individual clubs in the IG ranging from a surplus of $50m down to a deficit of $20m for February 2014.