Clubs leave it late in P&I renewal season

Reporting on the latest Protection and Indemnity (P&I) renewal season for ship owners, Aon said: “With P&I Clubs’ general rate increases ranging from 0% to 20%, many ship owners left making renewal decisions until the last moment before settling on rating and conditions for 2004. However, as with recent renewal seasons, the number of owners actually moving between clubs was relatively small in relation to the market place as a whole, with less than 3% making a change.”