All change please?
All is not as it was in the protection and indemnity market, with hefty premium increases the order of the day, as Alex Broad reports.
It is perhaps a little disappointing, if not ironic, for shipownersinsuring their vessels on the 'fixed premium' side of the protection and
indemnity market that right now the premiums are far from 'fixed'.
Premiums are rising by an average of 25-30% this renewal season, in
response to hardening reinsurance markets and widespread underwriting
losses.
Industry analyst Chatset states in its January Lloyd's league tables
review that the past year has "dashed any hope of improvement", suggesting
that
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