2022/23 P&I renewals update

Statement from Ian Gooch, CEO of London P&I’s management team

London P&I’s 2022 renewal strategy focused on ensuring that Member rating and deductible levels were sufficient. Continued downward pressure on pricing across the sector, together with the rising cost of claims in recent and current policy years, meant that firm action was needed to protect the financial strength of London P&I and support sustainable underwriting results going forward.

We can now report that our targeted premium increases have been achieved. In addition, renewal terms were not offered to a number of Members with consistently challenging records. These measures mean that London P&I enters the new policy year in a stronger position and with an improved risk profile.

The focused approach to renewal, and the increases required, inevitably meant that terms were not agreed in some cases. However, London P&I retained more than 90% of the Members who were offered terms, and we are grateful for their confidence and support.

Following renewal, London P&I’s mutual entry stands at 44.1 million gt. Twelve months ago, the comparative position was 48.9 million gt.