The UK P&I Club has told its shipowner members to expect a 10% general increase at the next policy renewal in February.
In a note to members, the protection and indemnity insurer said the increase is required to correct an “underwriting deficit”.
The mutual added that members with poor claims records should expect even higher premium increases.
The UK Club said: “Premium is no longer sufficient to cover the cost of claims and expenses after rate declines across the market over several years.”
