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Marine P&I clubs called for higher prices



Maritime protection and damages clubs have to raise shipowners' prices due to an increase in claims across the sector, the London-based UK P&I Club said on Wednesday.

downgraded to A- from A by credit rating agency Standard & Poor & # 39 ;s Global.

The P & I sector's unsustainable premium rates led to an average combined ratio across the sector of over 120% last year, UK Club said in a statement. ] ] “The market is now facing increasing pool claims and reinsurance costs as well as a steady flow of covid-19 claims. As such, prices throughout the sector will need to increase accordingly ", it was said.

The protection and compensation sector is dominated by members of the London-based International Group of P&I Clubs, which consists of 1

3 P&I clubs that together provide marine responsibility for about 90% of the world's ocean-going tonnage.

Andrew Taylor, CEO of Thomas Miller P&I Group, said in the statement that the club was disappointed that S&P had revised its rating, but that the marine mutual company still has a strong financial position with robust reserves.

"The estimated cost of Pool claims is the largest in history; this, combined with premium levels that have not kept pace with rising claims, has resulted in this change in S&P ratings," said Taylor, most international group clubs have negative prospects.

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