Marine P&I Commercial Market Review 2016
Welcome to the 2016 annual P&I commercial market review. Our view at Arthur J. Gallagher is that the “Non-IG market” is an important part of the maritime insurance industry.
The Arthur J. Gallagher “Commercial P&I Market Review” continues to be the most comprehensive fixed market review of its kind and compliments our mutual IG Club “Annual Pre-Renewal P&I Review” offering.
We closely monitor and analyse the P&I market, as it continues to evolve with its ever changing products, service, security, strength and flexibility. Our view at Arthur J. Gallagher is that the “Non-IG market” is an important part of the maritime insurance industry, offering products and services to the small ship sector, where in previous years IG-P&I Clubs have in the past lacked enthusiasm to participate in this risk profile.
As part of the markets evolution, we note however that more of the IG-Club managers have developed new fi xed P&I facilities and moved into the commercial market to diversify their product range, in order to increase revenue streams to enhance their free-reserves further.
With the shipping market still continuing to struggle through this prolonged depressed trading environment, the commercial P&I markets may offer an opportunity for a segment of the world’s small ship operators to reduce their operational expenditure, which this review will offer more detail on. The “AJG Commercial P&I Market Review” will focus on the leading fixed premium, non-IG mutual and charterers liability facilities, which are approved by Arthur J. Gallagher.