The International Group of P&I Clubs is facing one of the most challenging renewals to date as it starts negotiations over its $3.1bn reinsurance policy, according to specialist broking firm Guy Carpenter.
The cost of the increase will be passed onto shipowners, which are already facing the prospect of rate increases for their primary cover direct from their protection and indemnity clubs at next February’s renewal, the Mash Mclennan-controlled outfit said.
