Marine insurance broker Gallagher Specialty is anticipating lower-level protection and indemnity insurance rate increases, but shipowners may face the challenge of these rate hikes continuing for the next three years.
In its latest P&I review, Gallagher said that despite the improved underwriting performance of most mutual insurers it expected the market to remain firm.
The past two February renewals have seen double-digit increases for shipowners, with rises as high as 15%.
