Willis Towers Watson’s P&I market financial Commentary combines and analyses the financial Year results for the IG P&I clubs highlighting the key themes and trends for the market.
Highlights
Premium stable.
Routine claims relatively stable, greater volatility of larger claims.
Incurred claims increased by 3.6%
Deterioration in P&I market combined ratio (market average
2018/19: 110%, 2017/18: 104%)
Considerable range in investment returns announced by individual
clubs, but a market average return 0.3%. (A large reduction in
average return compared to 5.5% prior year)
USD 233 million P&I market underwriting loss in 2018/19
5.2% reduction in market free reserves
Continued wide variance between best and worst performing clubs
