The 13 P&I Clubs of the International Group will, for the second year running, abstain from imposing general increases on premiums come renewal on 20 February. If that is pleasing information for shipowners, those with tonnage entered with Britannia, Skuld, Standard or Steamship Mutual will be happier still to receive premium returns in one form or another, as revealed by the latest P&I report issued by broking house, Tysers.
A number of Clubs are increasing deductibles, namely the London Club (claims in respect of crew and other persons to increase by US$2,000, all other deductibles to increase by US$1,000); North of England (for owned entries deductibles under US$25,000 to rise by US$1,000); The Standard Club (deductibles to rise by 10%. Deductibles below US$20,000 to increase by US$2,000); Swedish Club (cargo and crew deductibles to rise by US$1,000); West of England (Rules deductible increased from US$11,000 to US$12,000. Deductibles below this level to rise by the greater of 10% or US$1,000).
But bargain basement P&I deals may have a limited lifespan. Tysers warns:
“Owners can thus look forward to another soft renewal. We have no doubt some Clubs were a bit twitchy about not seeking a general increase but market pressure has ensured that, having broken the habit last year, the Clubs will not revert to type.
Progress indeed, but with some signs of an increasing claims’ trend, full advantage needs to be taken by owners this year as we may soon be reaching an inflection point in the P&I market.”