A soft protection and indemnity market with premiums at “suicidal levels” could continue for up to three years, according to the Arthur J Gallagher broking group.
It says that as long as free reserves continue to grow, the clubs will struggle to raise rates.
Gallagher also warns that a tiered P&I market is developing, with Gard and the Britannia clubs charging ahead of the pack, leaving the North of England, Skuld, Steamship Mutual, Standard and UK mutuals grappling to be the best of the rest.
