Best’s Market Segment Report: Strong Investment Returns Support Growth in Free Reserves but Underwriting Performance Remains a Challenge for P&I Clubs

AMSTERDAM–(BUSINESS WIRE)–#insurance–Protection & Indemnity (P&I) clubs have announced general increases ahead of the 20 February 2026 renewal date for shipowners, reflecting the desire to manage persistent claims inflation and ongoing volatility in pool claims severity, according to a new report from AM Best.

In its new Best’s Market Segment Report, “P&I Clubs: Strong Investment Returns Support Growth in Free Reserves but Underwriting Performance Remains a Challenge”, AM Best considers the continuation of general increases to be necessary to maintain price adequacy and make up for the underwriting deficit experienced in 2024/25. However, it will likely be more challenging for the clubs to achieve the announced rate adjustments due to growing competitive pressures.

The report further highlights that sanctions risk management continues to be an important topic for the clubs, requiring engagement and effort to ensure their own compliance and help shipowners understand their obligations.

To access a complimentary copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=362299.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

James Kenfack
Financial Analyst
+31 20 808 2272
james.kenfack@ambest.com

Dr Mathilde Jakobsen
Senior Director, Analytics
+31 20 808 3118
mathilde.jakobsen@ambest.com

Edem Kuenyehia
Director, Market Development & Communications
+44 20 7397 0280
edem.kuenyehia@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com