P&I Clubs pushed for fifth consecutive increases despite benign claims year

Despite a relatively benign year for pool claims in 2023, P&I clubs sought further price improvements at the February 2024 renewal, to keep up with claims inflation, according to AM Best. Its market segment report, "P&I Clubs: Improving Underwriting Results but Further General Increases Needed to Keep Up With Inflation", notes the general increases announced by P&I clubs for 2024 are slightly below those of the previous year (when some of the clubs applied increases up to 10 per cent).