Premium increases

Directors of the North P&I Club have set a general premium increase of 2.5% for both protection and indemnity (P&I) cover and freight demurrage and defence (FD&D) cover in the 2016/2017 policy year. The relatively low increases compared to recent years reflects an improvement in the Club’s financial position during 2015/2016, with favourable claims development more than offsetting negative investment income. The UK P&I Club has also agreed at its recent board meeting that its general increase for the 2016 renewal will be 2.5%. And the UK Defence Club, the leading provider of FD&D (legal costs) insurance to the maritime industry, has announced a 0% general increase in premiums for the 2016 policy year, the second consecutive zero premium increase.