Insurers face most challenging P&I renewals in a decade, Willis warns
The upcoming P&I renewal could be the toughest in a decade as difficult economic conditions for ship operators, poor underwriting results and a slew of large claims threaten to create a "perfect storm", according to Willis.
The P&I market results for 2011/12 showed a 13% increase in incurred claims, a 5.9% underwriting loss and only a 2.7% investment return, Willis Global Marine said in its P&I Market Review.
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