Challenging year

Describing 2021 as “one of the most challenging years on record”, North P&I Club’s latest Pre-Renewal Report calls for “robust action” in the form of increasing mutual P&I rates at the forthcoming renewal to confront the challenge of mounting claims liabilities. Rising International Group (IG) pool claim costs and a surge in Covid-19-related claims have resulted in the Club seeking a 15 per cent increase on P&I premium rates for the 2022/2023 policy year. “In the last year, the prevailing marine insurance environment has faced many challenges, with rapidly rising IG pool claim costs posing the most significant risk,” said James Tyrrell, North chairman.