Marine insurance broker Gallagher is predicting a softening of recent protection and indemnity rate rises ahead of next February’s renewal.

This year shipowners were hit with an average 12% general increase, and hefty reinsurance hike, from mutual P&I clubs that were running up underwriting losses.

An exceptional year for International Group of P&I Clubs’ pool and Covid-related claims in 2021 had hit P&I finances hard.