A soft protection-and-indemnity (P&I) market is likely to continue for the foreseeable future, according to Jardine Lloyd Thompson (JLT) insurance broking group.
JLT says the February renewal took place in the first “truly soft” market seen in about 20 years.
The broker contrasts shipowners who are battling tough markets with the clubs reporting another year of huge surpluses and strengthened free reserves.
