The protection-and-indemnity (P&I) clubs should not even think about general increases but focus on returning money to shipowners, according to top insurance broker Willis Towers Watson (WTW).
WTW anticipates that most clubs will step off the rate rise escalator, ahead of the February 2017 renewal, and instead rebate premium, or not charge deferred calls in full.
Against a background of a record underwriting result, a notable fall in claims and healthy free reserves, Ben Abraham, chief executive of the marine division of WTW, is predicting a reduction in P&I costs for most shipowners.
“There
