The perfect storm is a tempting metaphor for tumult in the shipping industry but for the 2013 renewal of protection-and-indemnity (P&I) cover, it for once appears to not be an exaggeration.
Shipowners are facing substantial general increases, with a further rise in reinsurance costs on top at precisely the time they are least able to pay.
The higher premiums are driven by claims trends, with the more costly casualties showing the most adverse development.
And
