Shipowners face average 5.8% rate increases under International Group of P&I Clubs renewal

Negotiations continue for Black Sea cover

Ben NorrisJanuary 19, 2023
A line ahead of modern russian military naval battleships warships in the row, northern fleet and black sea fleet, summer sunny day
Russian warships in the Black Sea. Credit: Shutterstock/Tsuguliev

The International Group of Protection & Indemnity Clubs (IG) has renewed its reinsurance programme for 2023/24 with a “small increase” in average rates for shipowners of 5.8%.

Led by AXA XL, IG said the renewal of its pooling and general excess of loss contract has been secured amid a difficu...

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Ben NorrisJanuary 19, 2023
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