|
|
Article: P&I clubs cite claims, losses for hiking rates.(News)
- Article from:
- Business Insurance
- Article date:
- February 16, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: ZACK PHILLIPS
Protection and indemnity club renewals are dragging out slightly longer than usual this year as clubs ask ship owners for sizable rate increases to combat investment losses and high claims in recent years.
A half dozen clubs have also made unbudgeted calls for additional premium from previous policy years.
The 13 clubs in the International Group of P&I Clubs have announced an average general increase of 16.5% over last year's rates and all clubs are seeking double-digit rate increases, according to a December report from Willis Group Holdings Ltd.
These increases, coupled with a downturn in global trade that has ...