LONDON, APRIL 2013
The 2013 renewals have been the most challenging in the history of the International Group of Protection and Indemnity (P&I) Clubs, of which there are 13 principal clubs. The average general increase was 8.5%, double that of 2012, with the range between the smallest and largest general increases being 11.5 percentage points, according to a recently released briefing from A.M. Best Co. The West Of England’s 3.5% rise was the smallest basic increase, but even this figure climbs to 7.5% when the increase in forecast deferred premium call is taken into account; this is still well below the 16.5% increase, as calculated on the same basis, sought by the Britannia Club.
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Best’s Briefing: P&I Clubs 2013