Protection and indemnity renewal negotiations appear to be progressing slower than usual but, with modern technology, brokers and underwriters are confident that the 20 February deadline will be met.
Skuld chief executive Stale Hansen said many renewals have already been completed with only the major deals hampered by the lack of face-to-face meetings. “Some large renewals are complex and have structures to cover so you need some face time,” he said.
Local brokers are used to having close contact with their shipowner clients but even they have had to change during the pandemic. In Greece, Maria Prevezanou’s firm Evmar Marine Services works closely with her neighbouring shipowner clients in Piraeus.
“The P&I renewals are being carried out as they always have irrespective of the prevailing circumstances,” she said. “The process might be slower than normal as everyone is trying to adapt to the status quo, but it is business as usual.”
“If the pandemic outbreak had taken place 10 years ago, it would have caused severe communication problems. In any event, I strongly feel that face-to-face meetings can be more effective.”
The pandemic has even forced the Piraeus Marine Club’s pre-renewal P&I conference — organised by Prevezanou — online for the first time. It will be held on 28 January with leading P&I chief executives and shipowners.
In contrast, Aon is one of the mega brokers with a global network. For head of P&I Chris Chadwick, international travel has always been an important part of the way renewals are carried out and he is keen to get back to a more personal approach.
But Aon has embraced the new technology to get the deals done.
“We have been and will continue to be involved in many more virtual meetings with clients, underwriters and the Aon network around the world as we try to replicate those in-person discussions as closely as possible,” he said.
“The technology available is fantastic; we are confident in finalising one of the most challenging renewals we’ve experienced in a few years and achieving the best results for our clients.”
Chadwick said he is happy to continue with some of the new working practices if it suits brokers and clients.
“We will continue with virtual meetings with clients, underwriters and colleagues where appropriate,” he said.
