NU Online News Service, Dec. 14, 3:37 p.m. EST
The protection and indemnity insurance market bounced back this year, up from negative earnings a year ago, thanks to the improved investment picture, but claims are eating into underwriting earnings.
In a report released by insurance broker Willis Group, "Protection and Indemnity Market Review 2010/2011," P&I insurance market bounced back to a gain of $680 million in 2009-2010 after record losses of $840 million in 2008-2009.
P&I insurance provides ship owners with marine legal liability coverage. The market is held by P&I clubs, or mutual insurance companies that provide liability coverage to ship owners and charter members. The report examined the International Group, an association that arranges the collective insurance and reinsurance to the 13 P&I clubs.
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