The American Club has recorded an increase of at least 5% in protection and indemnity income at the February policy renewal.
The New York-based mutual said that if it factored in a rise in deductibles — and other changes in insurance conditions — the actual increase is about 7.5%.
In common with all the leading P&I mutual insurers, the club had aimed to hike premium income at the 2021 renewal to address recent underwriting losses.
