London Club raises premiums 7.5%

Marine mutual liability insurer London P&I Club is raising its premiums by 7.5% for the next P&I year. Although net incurred claims for the 2005/2006 policy year are running at a considerably lower level than in any previous year, principally as a result of the club not having experienced any major individual claim the club warns that “the current year is not progressing as favourably, with major claims once again being incurred, although attritional claims are developing normally”. In addition, the club notes, claims brought by other clubs on the International Group Pool are being reported at a high level and so it cannot be complacent about the future cost of claims.It also says that it is closing 2003/2004 P&I year of account without further call. It also says no further call is expected for the 2004/2005 year for which a deferred call has been levied. the same applies to the following year