The American Club, London P&I Club and Japan P&I Club will seek a 7.5% increase in premium from shipowner members at February’s renewal.

The Japan Club said that although it has improved its financial situation following last year’s supplementary calls, it still feels rate levels are inadequate and the business environment remains “uncertain and challenging”.

“Although progress has been made in restoring underwriting balance over the past years, premium levels are still inadequate,” it said in a statement to members.