The Lloyd’s List Podcast: P&I clubs on a mission
Listen to the latest edition of the Lloyd’s List’s weekly podcast — your free weekly briefing on the stories shaping shipping
As the annual P&I renewal deadline approaches this week’s podcast offers you an expert insiders’ guide to how the rates hikes are shaping up, and who is in and who is out. Everything you ever wanted to know about P&I renewals but were afraid to ask, in under 20 minutes
P&I CLUBS are largely getting their way on the big price hikes they have imposed in this year’s renewal round.
While a small amount of business may go down to the wire, owners, brokers and underwriters will in practice be looking to get everything wrapped up by the close of business today, so we felt it was a good opportunity to take a look at what’s been happening this year.
Most P&I renewals are being pitched in low double-digit percentage point range, reflecting the emergence of a 12.5% going rate, as adopted by nine of the IG’s 13 affiliates. Two went even higher.
But the across-the-board levy for the IG’s GXL — this year set on a spectrum of 15% to 55%, dependent on vessel type — has really ramped up the pressure.
Joining the podcast to discuss the implications and offer an insiders’ view of how the annual renewal round is shaping up:
Alex Vullo, division director at broker Arthur J Gallagher
Tom Bowsher, chief executive of the West of England club
Bjornar Andresen, chief underwriting officer at Gard
Joe Hughes, chief executive of the American Club