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The rise in claims for protection and indemnity (P&I) insurance in 2006-07 was the highest in 15 years, resulting in a record payout of more than $550 million, according to International Group of P&I Clubs’ Pool. The rise is attributed to a growing world fleet, larger ships, strong freight market forcing owners and charterers to deliver, problems in getting quality crew, sustained commodity prices and stormy weather. There were a disproportionate number of gr oundings in 2006 following adverse weather, inappropriate crew response or mechanical troubles. Interestingly, there were not too many collisions, nor major tanker spills, states a communiqué issued after a meeting of the P&I Clubs in Bermuda recently. Claims appear to rise faster in real terms than the world fleet expands and the P&I industry will need to monitor it carefully, it is observed.

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