Marine

Gallagher pre-renewal report on P&I Clubs

The 2018/2019 policy year was not a great year for P&I Clubs, with a US$400 million decline in free reserves, according to the 2019 edition of the “Gallagher Marine P&I Pre-renewal Review Report”. However, the high levels of investment income seen in the preceding years has allowed the Clubs to defer complex decisions in respect of falling premium rates, but the drop off in 2018/2019 has brought this into sharper focus, the report revealed.