UK P&I RATINGS DOWNGRADED 

S&P Global has revised downward the credit ratings of UK P&I Club from A to A- amid rising claims for the sector and price hikes. In response, the protection and indemnity club said its financial position and reserves remain robust. The P&I sector’s unsustainable premium rates led to an average combined ratio across the sector of over 120% last year, the UK P&I Club said in a statement. “The market now faces increasing “pool claims” and reinsurance costs as well as a steady flow of Covid-19 claims. As such, rates across the sector will need to increase accordingly,” it said.