Protection and indemnity mutual North P&I Club has improved its underwriting performance and earned a significant increase in premium income in the 2020 policy year.

The insurer said its technical underwriting loss in 2020 was $44.9m, compared with a $68.3m deficit in the previous policy year ending 20 February.

All 13 members of the International Group of P&I Clubs have indicated underwriting losses for the past policy year because of a higher than average year for high-value claims.