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Report

P&I club update 2023: Approaching a tipping point?

The protection and indemnity (P&I) clubs’ annual financial reporting season has closed, and most clubs have published their results.
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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”.

This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any modelling, analytics, or projections are subject to inherent uncertainty, and any analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change. LCPA 23/326

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