Another soft renewal is in prospect from the protection-and-indemnity (P&I) clubs but there are early signs of the market turning, according to the Arthur J Gallagher broking group.

The marine insurance broker does not expect to see general increases in February 2018 but warns this renewal will mark the bottom of the current soft cycle.

By the February 2019 renewal, Gallagher predicts that clubs and owners will be locked in a rating stalemate, with general increases in prospect by February 2020.