Britannia P&I has decided to ditch protection and indemnity insurers’ long-standing tradition of announcing an annual general increase in premiums.
Instead, it will determine pricing based on an individual assessment of each member’s claims record and risk profile.
The move, which also applies to freight, demurrage and defence cover, moves away from the model of P&I mutuals announcing a uniform policy on premiums for all members in the autumn, ahead of a February policy renewal.
