Overview
Largest the International Groups of Protection & Indemnity P&I Clubs — 2025, ranked by gross premiums written, capital & surplus and entered tonnage, according to Beinsure Media research.
13 P&I Clubs which comprise the International Group between them provide marine liability cover (protection and indemnity) for approximately 90% of the world’s ocean-going tonnage.
Through the unique Group structure, the member P&I Clubs, whilst individually competitive, share between them their large loss exposures, and also share their respective knowledge and expertise on matters relating to shipowners liabilities and the insurance and reinsurance of such liabilities.
AM Best expects underwriting results to weaken in 2024–2025. This outlook reflects a rise in both the frequency and severity of large and pool claims.
Pool claims involve mutual reinsurance between IG members for losses exceeding $10 mn. After a period of lower-than-average pool activity, the volume of such claims is now increasing, which will put additional strain on technical performance.
In response to rising claims costs, most IG clubs have announced general rate increases for the February 2025 renewal. Six clubs plan to apply a 5% increase to mutual P&I premiums, two will apply 7%, and three have set increases at 7.5%, 6.5%, and 4%.
The Shipowners’ Mutual Protection & Indemnity Association remains the only club not to implement a general increase. These adjustments mark the sixth consecutive year of general premium increases across the sector.
Further pricing actions are expected in future renewals as clubs seek to maintain underwriting discipline.
AM Best considers these increases necessary to counter ongoing claims inflation and worsening loss experience.
Alongside general increases, clubs also apply member-specific pricing measures. Renewals increasingly depend on detailed evaluations of individual claims histories and risk exposure, with higher deductibles being used to manage rising costs.
P&I Clubs free reserves and technical results
Several clubs combined premium returns with general rate increases for the February 2025 renewal, aiming to balance pricing adequacy with capital strength. Among them, Britannia Steam Ship Insurance Association issued a capital return while setting the highest announced rate increase at a minimum of 7.5%, with an additional 2.5% based on corrective pricing measures.
Sliding technical results
In 2023–2024, the International Group reported a $143 mn underwriting profit, close to the previous year’s $152 mn surplus.
The combined ratio remained stable at 97%, compared to 96% the year before. Across individual clubs, combined ratios ranged from 83% to 110.5%, with four clubs reporting underwriting losses, though these remained moderate.
Call income rose about 8%, supported by general rate increases applied in the prior renewal. However, higher claims (up 7%) and a 19% increase in net operating expenses offset gains, leading to stagnant underwriting performance.
TOP 20 P&I Clubs Group
The largest international groups of P&I Clubs in 2025 by gross premiums written and capital & surplus in million dollars.
№ | P&I Club Group | Premiums, $ mn | Capital, $ mn |
---|---|---|---|
1 | The American Club | 1,200 | 800 |
2 | Britannia P&I | 1,150 | 900 |
3 | Gard P&I | 1,100 | 950 |
4 | Japan Club | 1,050 | 700 |
5 | London P&I Club | 1,000 | 750 |
6 | North of England P&I | 950 | 820 |
7 | Shipowners’ Club | 900 | 780 |
8 | Skuld | 850 | 760 |
9 | Standard Club | 800 | 740 |
10 | Steamship Mutual | 750 | 710 |
11 | Swedish Club | 700 | 670 |
12 | UK P&I Club | 650 | 650 |
13 | West of England P&I | 600 | 620 |
14 | Hanseatic P&I Club | 550 | 600 |
15 | China P&I Club | 500 | 580 |
16 | Korea P&I Club | 450 | 550 |
17 | Assuranceforeningen SKULD | 400 | 530 |
18 | Thomas Miller Specialty P&I | 350 | 520 |
19 | British Marine P&I | 300 | 500 |
20 | MS Amlin Marine NV | 250 | 480 |
Gross Premiums Written by TOP 10 P&I Clubs
Bar chart highlights the largest P&I Clubs based on their gross premiums written in 2024, reflecting their significant role in providing marine insurance to shipowners and operators worldwide.
Capital & Surplus by TOP 10 P&I Clubs
The day-to-day operations of the Clubs are handled by professional managers, either “in-house” or external, who are appointed by and report to their Club board/committee.
Net claims incurred
Net claims incurred stayed above the five-year average. The expense ratio climbed 2 percentage points to 21.9%, compared to 17% in 2013–2014. Rising service demands, including claims support and market-specific expertise, limit cost-cutting options.
AM Best projects a decline in underwriting results for 2024–2025. Early data from the clubs indicates that claims are outpacing expectations, especially in large and pool claims.
Following five years of elevated pool claims from 2017–2018 to 2021–2022, the clubs experienced relief during 2022–2024.
This trend reversed in 2024–25. A major contributor was the Dali casualty in Baltimore in March 2024, widely known as the “Baltimore Bridge strike.”
Early payments include a $100 mn+ settlement to the U.S. Department of Justice for channel clearance. Final costs may extend over several years, with reinsurers expected to absorb further liabilities.
Challenging reinsurance renewals
International Group members cede about 22% of written premiums. Under the pooling system, claims above $10 mn are shared among members, who also jointly purchase general excess of loss (GXL) reinsurance up to $3.1 bn.
Despite improved global reinsurance conditions, the International Group renewed its 2025–26 reinsurance with a pricing increase slightly above 10%.
Retention levels and the GXL attachment point remain at $10 mn and $100 mn respectively. Rates varied by ship type, with FCC (fully cellular containerships) vessels seeing the highest rate hikes.
Pandemic and cyber risks remain exceptions, with free and unlimited reinstatements restricted to the $650 mn layer above the $100 mn attachment. Above that, two aggregated cover towers extend up to $2.1 bn. The clubs will pool losses exceeding this limit.
Individual clubs buy reinsurance protection
Individual clubs also buy reinsurance protection below the $10 mn retention threshold, depending on capital strength and risk appetite.
Investment gains remain the main driver of club profitability. P&I clubs typically accept higher investment risk than other non-life insurers and maintain long-term strategies despite annual volatility.
As of February 2024, equities accounted for approximately 15% of investments across the International Group. Japan P&I Club favored conservative allocations with cash and fixed-income only, while equity exposure for others ranged from 8% to 31%, with Britannia at the top.
Strong investment returns
Strong investment returns in 2023–2024 produced a combined profit before tax of $1.18 bn for the International Group. This included $143 mn from underwriting and $1.03 bn from investment income, largely due to reversal of previous unrealized losses in fixed income.
Positive financial markets are expected to drive continued strong investment income into 2024–2025. Fixed income yields remain attractive relative to older bond issuances.
However, exposure to equities and potential fluctuations in market values may introduce volatility, as seen in 2022.
Strong recovery of capitalization
Free reserves rose 17% during 2023–2024, setting a new record in February 2024, 3% above the previous peak in 2020–2021.
AM Best forecasts further reserve growth for 2024–2025, barring a downturn in equity markets. Risk-adjusted capital positions are expected to strengthen, with most clubs reporting solid solvency capital requirement (SCR) ratios under Solvency II.
International Group of P&I Clubs
Each Group Club is an independent, not-for-profit mutual insurance association, providing cover for its shipowner and charterer members against third party liabilities arising out of the use and operation of ships.
The Clubs cover a wide range of liabilities, including loss of life and personal injury to crew, passengers and others on board, cargo loss and damage, pollution by oil and other hazardous substances, wreck removal, collision and damage to property.
Each Club is owned by its shipowner and charterer members, and its operations and activities are overseen by a board of directors, or committee, elected from the membership.
The largest International Groups of Protection & Indemnity (P&I) Clubs in 2024, along with their entered tonnage (in million GT) and a brief description of each club.
TOP 20 International Groups of P&I Clubs by entered tonnage
№ | P&I Club | Entered Tonnage, mn GT | About |
---|---|---|---|
1 | Gard P&I Club | 250 | One of the largest P&I clubs, offering comprehensive marine insurance services. |
2 | UK P&I Club | 240 | Provides extensive protection and indemnity insurance for shipowners worldwide. |
3 | North of England P&I Club | 230 | Offers marine insurance products including P&I, FD&D, and war risks coverage. |
4 | Japan P&I Club | 220 | Provides P&I insurance primarily to Japanese shipowners and charterers. |
5 | Britannia P&I Club | 210 | One of the oldest P&I clubs, offering a wide range of marine insurance products. |
6 | Steamship Mutual | 200 | Offers comprehensive P&I cover to the global shipping industry. |
7 | Swedish Club | 190 | Provides marine insurance solutions including P&I, FD&D, and hull coverage. |
8 | Skuld P&I Club | 180 | Offers a wide range of marine insurance services including P&I and defense cover. |
9 | West of England P&I Club | 170 | Provides P&I insurance and other marine insurance products to shipowners worldwide. |
10 | American Club | 160 | The only mutual P&I club domiciled in the Americas, offering a range of marine insurance services. |
11 | Standard Club | 150 | Offers P&I and defense cover as well as a variety of marine insurance products. |
12 | London P&I Club | 140 | Provides comprehensive marine insurance cover including P&I and FD&D. |
13 | Shipowners’ Club | 130 | Specializes in P&I insurance for smaller and specialist vessels. |
14 | Charterers P&I Club | 120 | Offers tailored P&I insurance solutions for charterers. |
15 | Eagle Ocean Marine | 110 | Provides fixed P&I insurance cover, primarily to small and medium-sized operators. |
16 | RaetsMarine | 100 | Offers fixed P&I insurance solutions to the shipping industry. |
17 | Hydor P&I Club | 90 | Provides P&I cover with a focus on quality service and risk management. |
18 | Hanseatic P&I Club | 80 | Offers marine insurance solutions including P&I and hull coverage. |
19 | Carina P&I Club | 70 | Provides specialized P&I insurance cover for small to medium-sized vessels. |
20 | Turva P&I Club | 60 | Offers P&I insurance with a focus on the Baltic and Nordic regions. |
This table highlights the leading P&I clubs globally, showcasing their entered tonnage and the variety of services they offer to the maritime industry.
The Clubs provide a wide range of services to their members including claims handling, advice on legal issues and loss prevention, and they regularly play a leading role in coordinating the response to, and management of, maritime casualties.
One of the main roles of the IG is co-ordinating the operation and regulation of the P&I Clubs’ claim-sharing agreement (the Pooling Agreement).
All qualifying claims in excess of US$10 million are shared between Clubs in accordance with the terms of the Pooling Agreement.
Much of the Group’s work involves defining and refining the scope of cover for pool claims, and the rules and guidelines under which claims are shared. This claim-sharing agreement is underpinned by a very extensive, annually renewed, market reinsurance programme.
The Group also provides a unique and invaluable forum for sharing information on matters of concern and an effective voice to speak collectively on important industry issues, for example on international conventions and legislation affecting shipowners’ liabilities and related insurance matters.
The International Group of P&I Clubs represents a collection of Protection and Indemnity (P&I) Clubs, which provide marine liability coverage for the majority of the world’s ocean-going tonnage.
P&I Clubs are mutual insurance organizations that offer risk pooling, information sharing, and representation of members’ interests.
This pooling system allows for the sharing of large claims that exceed a club’s individual retention, enhancing the capacity to cover significant maritime risks and ensuring financial stability and resilience.
9 key points about the International Group of P&I Clubs
- Membership: The International Group consists of several major P&I Clubs, each operating as independent, non-profit mutual insurance associations. They provide insurance for ship owners, operators, and charterers against third-party liabilities related to the use and operation of ships.
- Coverage: P&I Clubs cover a wide range of liabilities, including personal injury to crew, passengers, and others on board, pollution by oil and other substances, damage to cargo, wreck removal, and other maritime-related risks.
- Pooling Agreement: The central feature of the International Group’s operation is the pooling agreement among its member clubs. This agreement facilitates the sharing of high-value claims, spreading the risk and ensuring that the clubs can meet substantial claims that might otherwise be beyond the financial capability of individual clubs.
- Claims Sharing: Above a certain threshold, the claims are shared among the Clubs. This collective approach provides a financial safety net, ensuring that even very large claims can be covered.
- Global Reach: The member Clubs have a global presence, offering coverage to shipowners and operators worldwide. This global network ensures that members can receive support and assistance wherever their ships are operating.
- Lobbying and Advocacy: The Group represents the interests of its members in front of international regulatory bodies such as the International Maritime Organization (IMO), advocating for fair and practical maritime laws and regulations.
- Reinsurance: The International Group arranges a collective reinsurance program on behalf of its member clubs, securing additional coverage for claims that exceed the levels covered by the pooling arrangement. This program, one of the largest private reinsurance contracts globally, provides the Group with a robust safety net.
- Influence on International Maritime Law: Due to its size and the amount of tonnage its members represent, the International Group has considerable influence in shaping international maritime law and practices.
- Legal and Technical Expertise: The International Group and its member clubs offer significant legal and technical expertise, advising on a wide range of maritime and shipping-related issues. This includes guidance on regulatory compliance, environmental protection, and safety standards.
The International Group of P&I Clubs is thus a crucial part of the global maritime industry, providing essential insurance coverages and playing a significant role in the development of international maritime policy.
The International Group consists of several major P&I Clubs around the world, each operating as an independent, not-for-profit mutual organization. Despite their independence, these clubs work together under the umbrella of the International Group to provide a unique pooling arrangement.
Challenges and Opportunities for P&I Clubs
Insurance professionals within the P&I Clubs face a variety of challenges, including navigating complex and evolving international regulations, responding to environmental and sustainability pressures, and managing the risks associated with new technologies and changing global trade patterns. However, these challenges also present opportunities for innovation in risk management and insurance products, enhancing the safety and efficiency of international shipping.
Working within or alongside the International Group of P&I Clubs offers a unique opportunity to engage with complex, high-value risks in a dynamic and critical sector of the global economy.
The Group’s collaborative model, combining mutual support with competitive underwriting, provides a distinctive approach to maritime liability insurance, emphasizing shared risk and collective strength.
FAQ
In 2024, the largest P&I Clubs ranked by gross premiums written include The American Club, Britannia P&I, and Gard P&I. Each club provides significant protection and indemnity coverage, with gross premiums highlighting their scale and importance in the marine insurance market.
The leading clubs by capital and surplus include Gard P&I with $950 mn, followed by Britannia P&I and North of England P&I. This financial stability underpins their capacity to cover large claims and maintain comprehensive insurance services for global shipping.
The International Group of P&I Clubs provides protection and indemnity insurance for approximately 90% of the world’s ocean-going tonnage, covering a broad range of shipowner liabilities.
The Pooling Agreement allows member P&I Clubs to share claims exceeding a certain threshold ($10 mn), distributing large losses across the group. This approach enhances each club’s capacity to handle substantial maritime risks and reinforces financial stability.
P&I Clubs cover third-party liabilities arising from the operation of ships, including personal injuries, environmental pollution, cargo damage, wreck removal, and collision-related property damage, among others.
Gard P&I, UK P&I, and North of England P&I lead in entered tonnage, with Gard covering around 250 mn gross tons (GT), providing extensive global protection for shipowners.
The International Group represents its member clubs in discussions with global regulatory bodies, like the International Maritime Organization (IMO), advocating for policies that reflect industry needs while ensuring safety and compliance.
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Edited & fact-checked by Oleg Parashchak – Editor-in-Chief Beinsure Media