P&I Clubs in unison with hefty 2022 renewal rate hikes
P&I Clubs are announcing their 2022 renewal plans in greater numbers, and shipping CFOs will need to budget for far greater insurance outlays next year.
Splash has already reported on the West of England’s 15% rise announcement, which got the P&I renewal ball rolling with the UK P&I Club following up with a 12.5% rate increase announcement. Following suit are Britannia and Steamship, both opting also for 12.5% increases.
Double-digit rises are far above a normal annual raise, typically a 5% increase would be considered a large call in years gone by.
Stephen Martin, executive chairman at the Steamship Mutual, commented: “The dominant feature of the projected outcome for this year is a very marked increase in the cost of pool claims, which are shared by all the International Group clubs and thus a common experience for each of them.”
Source: Splash 247