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2021 IN REVIEW | P&I Insurance Market In association with North P&I Club
Sustainability costs money Like ignoring ESG challenges, the idea that P&I clubs have too much money is very ‘last decade’ argues Ed Davies Chief Financial Officer, North P&I Club
In 2019/20, only one club out of 13 avoided an underwriting loss. For any other sector of the insurance market, a “hard” market would have been triggered some time ago.
The Marine Insurer | January 2022
There are few organisations with histories as long as P&I clubs. The mutual P&I system seems almost by definition sustainable and one which we all may take for granted at times. Through the years, some clubs have been lost along the way, leaving us with the inauspicious number of 13 - the question of whether 13 is too unlucky a number and that there are too many clubs is best left for another day. Yet when news of major shipping casualties hit the screens of our various devices, we know that the mutual P&I system will respond with alacrity and proficiency to protect the environment, shipowners and other third parties along today’s hugely complex global supply chains, notwithstanding the financial cost.
CALL THAT VOLATILITY? And the financial cost is real. The incidents that P&I clubs are involved in where the environmental and social consequences are severe – the types of incidents that many people are aware
