The UK P&I Club has successfully completed the 2025 P&I renewal, gaining new business in 2024, which is expected to slightly increase its market share for the upcoming policy year, despite challenges such as the significant “Dali” incident.
The Club is focused on enhancing the quality of its membership to better protect against high risks and market volatility. As part of this, some underperforming tonnage has been removed from the Club.
Over the past year, the industry has faced significant losses, including the collapse of the Francis Scott Key Bridge in Baltimore, caused by the MV Dali collision. This event is expected to impact overall profitability across the International Group.
As a result of the increased loss activity in 2024, the Club’s year-end combined ratio is likely to exceed breakeven. Nonetheless, the Club still forecasts a strong investment return for the year.
William Beveridge, Chief Underwriting Officer, UK P&I Club, said, “We are pleased with the outcome of the 2025 renewal and we anticipate another year of positive financial results for the Club. As in prior years, we have seen the great majority of Members renewing with the Club and the portfolio mix continues to improve. Throughout the year, we have attracted strong growth and we expect overall mutual tonnage entered in the Club to increase year on year as the world’s global fleet expands.
“In spite of the recent uptick in both frequency and severity of pool and large claims across the industry, the Club remains financially secure and we forecast further growth of the Club’s free reserves, which remain among the strongest in the industry.
“In a market of evolving risk and volatility, we are proud to maintain a consistent, flexible, and partnership-based approach to supporting and protecting our Members.”
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