According to leading insurance broker Arthur J Gallagher’s 2017 protection-and-indemnity commercial market review in TradeWinds' 17 November edition, the fixed-premium market is still under pressure. A further drop in rates of between 1.5% and 3% can be expected.
However, taking into account only the charterers' liability, as opposed to fixed-premium owners’ P&I, this may be a too optimistic estimate. Judging from premium income reductions of up to minus 10%, compared with the increased number of vessels on risk of about 12%, there seems to be a much bigger average premium reduction for charterers' liability.
