The protection and indemnity (P&I) clubs’ annual financial reporting season has closed, and most clubs have published their results.
In our latest overview we consider the recently published financial reports and provide updated comparisons on the clubs, discuss the overall market direction, and consider the future competitive landscape as the second tier of clubs contemplate their response to the new “big two” — Gard and NorthStandard.
Key takeaways
- The P&I market’s overall financial health improved rapidly in the 12 months prior to February 2023.
- Reduced claims volumes experienced across the P&I market in 2022 has continued into 2023.
- P&I clubs have raised premiums over the past four years.
- The result has been improved combined ratios and underwriting profits.
- Early reporting suggests that the P&I market may soon reach a price “tipping point”.