Losses Mount In P&I Market International Editor


Rate improvements have done little to compensate for investment and underwriting losses within the marine protection and indemnity market, according to Standard & Poors annual P&I report.

“In just three years, to February 2002, the industry lost in excess of $500 million [in capital], representing more than 35 percent of its combined free reserves,” said Rowena Potter, the S&P analyst who authored the report, entitled “Marine Mutual Report 2003.”

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