Protection and indemnity insurer Steamship Mutual has set a 5% general increase in premium for next year’s policy renewal but is also rewarding renewing shipowner members with a $25m cash windfall.
Steamship Mutual is the first of the 12 members of the International Group of P&I Clubs to announce its policy on premium for the February renewal.
The move is in line with broker predictions that P&I clubs are likely to target smaller rate increases.
