The UK P&I Club has told its shipowner members to expect a 10% increase in rates at next February’s policy renewal.
The London-based mutual, managed by Thomas Miller, said that members with an adverse claims record may pay more.
There may also be an additional payment if there is an increase to contributions to the International Group of P&I Club’s reinsurance scheme.
The UK Club has maintained its standard deductible at $15,000.
The UK Club is the fourth International Group member to announce an increase in P&I premium next year. Steamship Mutual said it would raise premium by 7.5%, Gard by between 5% and 7% and Britannia P&I by 10%.
Only the Shipowners’ Club has said it will not be seeking to apply an increase in rates on its members next year.
Protection and indemnity insurers have benefitted from a downturn in International Group pool claims this year, while premium income has been boosted by general increases which were applied at this February’s renewal.
As a result, most have managed to turn around last year’s underwriting losses.
However, investment income has been affected by rising interest rates and a slump in the global equity markets.
In addition, many are concerned about the impact of inflation on claims and operational costs.
