The Protection and Indemnity (P&I) market, a broad type of Marine Legal-Liability coverage, delivered a blockbuster financial performance last year—but predicted poor investment returns and increased claims will spell premium increases for 2012.
In a 50-page "2011 Protection and Indemnity market report" issued by Willis Group Holdings, the insurance broker says the 2010-2011 period was benign for claims compared to the previous year. Paid claims were down more than 11 percent against 2009-2010, although the report notes claims are still high in this market.
When combined with stable income levels, P&I produced an overall market-underwriting surplus of 3 percent, the highest underwriting profit ever recorded by the market.
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