Shipowners are paying more than they should for protection-and-indemnity (P&I) cover because clubs are using underwriting models that do not reflect the current benign claims climate, according to the Jardine Lloyd Thompson (JLT) broking group.
Claims are being forecast at higher than necessary levels as clubs are not taking full account of the reduction in casualties as a result of the shipping industry slowdown, the broker argues in a pre-renewal review of the P&I market.
JLT
