With the P&I renewal season over, clubs faced some tough pricing decisions amid pressure to take into account both present and future challenges facing the market
The longevity of the P&I club business model is based on sustainability, but sustainability also has an economic dimension in the form of realistic risk pricing
With underwriting losses likely to be only partially offset by modest investment earnings, clubs are expected to see an overall decrease in free reserves for the last fiscal year
Covid-19 has created a number of complex challenges for the P&I sector, but it is the size and frequency of major casualties that continue to test resilience of the market
To remain relevant, the P&I clubs require economies of scale to grow services for members and invest meaningfully in loss mitigation and prevention
To thrive in the decades ahead, the P&I sector must focus on technical profitability, technology adoption, business diversification and taking its environmental stewardship to a new level
After the large losses suffered by Skuld and the Standard, North P&I Club’s chief executive is only too aware that while the benefits of diversification can be substantial, so are the risks
International Group affiliates can probably eat up the worst year for the pool on record, industry sources insist, but if 2021 is as bad as the past 12 months, the strains will readily be evident, they warn
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