February 2024 P&I renewals update

Statement from Reto Toggwiler, Chief Underwriting Officer

London P&I has started the new P&I year with a positive renewal. Strengthening rating and deductible levels in line with our targets will help reinforce the improved financial performance we achieved through a favourable claims experience and a positive investment return in the 2023/24 policy year.

We were also pleased to see year-on-year growth in mutual tonnage of 8.9%, supported by entries from both new and existing Members. In addition, there have been commitments of tonnage for entry with London P&I, due to be delivered over the next few months.

We are grateful for the support and confidence of Members and brokers.