P&I market review from Willis

Willis has released its Marine Protection & Indemnity (P&I) Market Review for 2007/2008. According to the report, the 2006/07 Financial Year was one of contrasting highs and lows for the P&I Market:“The year registered the highest ever level of outstanding claims. This in turn led to probably the worst incurred underwriting result ever experienced by the market. Investment income was however exceptionally high, sufficient to counterbalance the underwriting result.”