November 5 - The London based P&I Club a protection and indemnity mutual, has set a general increase of 12.5 percent in annual P&I call rates for the 2013/14 policy year.
Commenting on the background to the decision, Ian Gooch, ceo of the Club's management team, says, "Claims for the current policy year show some encouraging signs, especially at the attritional level, where increased deductibles seem to be playing a part."
He observed: "Although claims in the highest band - in excess of USD1 million - are running at a moderate level, this band is volatile and has been very expensive in other, recent years.
"Overall, there remain clear signs of a strong inflationary trend, particularly in the cost of individual larger cases. The claims picture there is extremely unfavourable, both in terms of claim frequency and average claims severity."