Ship owners will experience another round of premium increases as underwriters have been seeking increases ranging from 10-29 percent for the 2009-2010 protection and indemnity insurance renewals, according to an executive with Aon.
P&I is broad coverage for maritime risks.
Steve Griffiths, a director with the Chicago based insurance brokerage firm, out of London, said this is the ninth year in succession where the clubs [underwriting pools for these risks] have attempted to improve their underwriting results through the imposition of a general increase, resulting in at least a threefold premium hike in owners' premiums since 2001.
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