Early projections following the 2020 renewal indicate that North P&I Club has increased its total entered tonnage to more than 230 million gross tons (GT). North, which is celebrating the 160th anniversary of its founding, also saw owned P&I tonnage reach 160 million GT.
“Our 2020 renewal strategy focused on the need to build the club’s financial strength and stability in a climate of rising International Group Pool claims and continuing premium erosion,” said Paul Jennings, chief executive of North P&I Club. “To offset the suppression of rates and premium income, we required a 7.5% rating increase from our membership at the February 2020 renewal to maintain the club’s financial equilibrium. This was our first general rating increase since 2016.”
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