Technical Webinar | Marine Insurance: Protection and Indemnity (P&I) 2022 Review
TECHNICAL WEBINAR | Marine Insurance: Protection and Indemnity (P&I) 2022 Review
Speaker | Er Jun | Senior Broker, Edge Insurance Brokers (Singapore) Pte Ltd
Date | 24 February 2022
Time | 1730 - 1900 (SGT)
Venue | Online Event
Registration | https://us06web.zoom.us/meeting/register/tZUud-utrzwtEtQy2VXxfRdGFSa-VJxIgOBy
Please, note this webinar is open to our members and guests. For the benefit of those who had pre-registered, please, do not share the access link further after registration. Log in time starts 30 minutes before the event.
Abstract
We are now in the final week of P&I renewals with all contracts incepting on 20th February 2022. This year has been tumultuous with most clubs declaring double digit General Increases. Due to this, many shipowners are having prolonged negotiations with their clubs and therefore Clubs are faced with a lot of renewals which are dragging into the final days of the policy year.
The latest financial results from the International Group of P&I Clubs suggests that we are now in the full swing of a hardening market with premium rises due to be requested from the Clubs not only this year but also over the next year, and perhaps longer – whether this be due to individual Club performance or the renewal of the International Group General Excess of Loss programme, or both.
These anticipated rises come at a time when the shipping market has only just showed signs of improving and while operational expenses continue to rise – from the ongoing procedural difficulties continuing from the pandemic, to the exclusion of historically peripheral risks such as cyber-attacks. However, and despite these difficulties, the financial results of the P&I insurers are supporting the Club’s argument that rises are required. Therein lies one of the unique traits of a mutual: both the financial prosperity and burdens of the Clubs are shared across its members.
This presentation aims to present the current exposure structure of P&I Clubs, and provide an overview of the renewal position in 2022. We will also explore the
financial position of the clubs and provide participants with a method to analyse and choose the most suitable P&I club for their shipping company’s short to long term financial objectives.
About the Speaker
EJ joined the marine insurance industry in 2007 with a Marine Diploma from Singapore Polytechnic and a Bachelor of Science (Economics) degree from Singapore Management University. He achieved chartered status in 2010, and worked as a marine insurance underwriter and regional manager in Lloyd’s syndicates for over 10 years. Recently, he joined Edge Insurance Brokers from a Mistui Sumotomo insurer and now represents shipowners and marine clients to arrange and procure insurnace solutions from capital markets all over the world.