The UK P&I Club has announced the successful completion of the P&I renewal for 2025. The Club attracted new tonnage during 2024, which it anticipates will lead to a small increase in the Club’s market share for the 2025 policy year.
The UK P&I Club is committed to continuously improving the quality of its membership to protect its Members from excessive risk exposure and market volatility. This ongoing focus on achieving balanced underwriting has led to the departure of some underperforming tonnage from the Club.
The past 12 months have seen a spate of significant losses across the industry, including the widely reported “Dali” incident, which will have a meaningful impact on general club profitability across the International Group. The impact of this elevated loss activity during 2024 is likely to result in the Club’s year-end combined ratio exceeding breakeven. In spite of these challenges, the Club forecasts a strong investment return for the year.