Can the P&I market handle an increasingly volatile shipping industry?

February comes with several notable dates for the calendar, but in marine insurance the end of the month means one thing: P&I renewals. Renewals for the International Group of P&I clubs are due on February 20th every year. This was traditionally the first date the Baltic ports were free of ice, and while shipping doesn’t halt for the seasons in the same way it once did, the date has stuck. Lloyd’s List insurance editor David Osler has once again gathered executives of major P&I clubs and brokers to ask them how their renewal season went, whether they think clubs should be handing back more cash to owners and perhaps most importantly, whether the 170-year-old system can cope with an ever-more volatile industry and some hefty recent claims. Joining David this week are: Jonathan Andrews, chief executive of Steamship Mutual Tom Bowsher, chief executive of West of England Thya Kathiravel, chief underwriting officer at NorthStandard Stephen Hawke, managing director at P&I broker Lockton Ferrari