The P&I sector has faced a difficult period experiencing the challenges of COVID-19, record International Group pool claims, surging crew claims and higher reinsurance costs.

“Despite the challenges of 2021, North has made progress against our Key Strategic Goals,” said Paul Jennings, Chief Executive, North P&I. “We have secured the necessary premium growth across both our mutual and diversified lines of business, with total annual premium expected to exceed US$450 million in the next year.”

North adopted a robust but consistent approach to meeting its renewal objectives. Thya Kathiravel, Chief Underwriting Officer, said, “Following several years of premium erosion, we announced decisive action in November last year to apply a 15% uplift to mutual premiums in the 2022/23 policy year. This increase was the correct response to the prevailing conditions and aligns with our principles of promoting fair and equitable mutuality. We’d like to thank our membership for their ongoing support and commitment to North which has resulted in us achieving our premium goals and maintaining our combined membership at over 250 million GT.”

Jennings concluded, “What the last 12 months has shown us is that it is crucial that shipowners can rely on a stable, sustainable P&I system in these demanding times, and our Members have shown their overwhelming support for the sustainability of the mutual system.”