The UK Club P&I Club has advised its members that protection and indemnity rates need to increase to help it improve its underwriting performance.
The warning comes as the London-based mutual said its pure underwriting financial returns are “not in the acceptable range”.
In its report for the policy year ending February 2020, the club said its combined ratio for the year was 120%, indicating that it spent considerably more on claims and expenses than it earned in premium revenue.
