The West of England P&I Club has announced a 10% general increase in rates for its shipowner members at next February’s policy renewal.

Chief executive Tom Bowsher said the increase is needed to “counter inflationary pressures”.

In a video message to members, he described an otherwise upbeat assessment of the club’s financial position.

He said the club had made “clear progress” and is “well positioned to overcome the ongoing challenges the industry continues to face”.