P&I PRICING COULD RISE 50% BY 2024

Protection and indemnity (P&I) insurance premiums for shipowners could cost half as much again in four years’ time, according to Gallagher. However, the impact in real terms will effectively amount to restoration of rates prevailing in 2016, thanks to the erosion wrought by systematic technical losses at almost all clubs over the last period, the leading broker adds. The unwelcome news comes in addition to a marked recent jump in hull cover pricing, with a surge of at least 10% in the first half of the year and anecdotal evidence of increases of up to 20%, even for clean business.