A warning that the overall cost of claims is at a record high has been delivered by Nigel Palmer, the former BP executive who is chairman of the Britannia Steam Ship Insurance Association.
The Britannia Club, although one of the best-regarded protection-and-indemnity (P&I) mutuals, appears to be experiencing a more challenging claims environment than many rival clubs.
Gross claims at the 12-month stage are the highest in the club’s long history, with the mutual noting in its annual report that an upward trajectory that began in the year from February 2011 has continued.
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