04 September 2026
P&I Mid-Year Review 2026
All International Group clubs have now announced their results for the 2025-26 cycle, and the following tables summarise them. 8 Clubs have released their formal financial statements, and the other 4 have released highlights of the results at the time of writing.
Combined ratios and investment yields are shown as disclosed by the clubs, but we have adjusted certain figures to ensure consistent calculations where noted. In some cases, we have estimated percentages where the clubs have not disclosed a figure. In our full review later in the year, we will revisit these numbers and analyse them in much greater depth.
In summary, the following key highlights emerge:
- The underwriting result is a market-wide loss of USD250 million with an average market financial year combined ratio of between 105 and 108%;
- The investment yield for the year is a gain of some USD1,125 million with a typical yield of between 7 and 9%;
- Free reserves have risen to some USD6.8 billion, an increase of USD850 million. Most of this is a result of trading, but the UK Club added USD31 million to its reserves as a result of group restructuring;
- Pool retained losses for 2025-26 were a shade over USD300 million, below the recent 8-year average, but it is to be expected that this figure nay increase during the coming 12 months.
Click below to look at these performance indicators in more detail.
Pre-Summer Overview
- 2027 General Increase range 2.5% to 5%
- Reinsurance rates likely to increase with a focus on the FCC category
- IG limits are now 3.35b from 20/02/26
- MV Dali likely to exceed the current level of USD2.8b currently reserved
- Free reserves are at an all-time high close to USD6.8b
- The market will be under more pressure to return excess reserves to the membership in the form of capital or premium returns
- A potential overspill could be absorbed by the IG Clubs proportionately, but with some Clubs being more able to perform than others
- Competition for new tonnage is also at an all-time high, despite underlying pressure to improve technical underwriting
We will update our thoughts and analysis of the market position in the coming months as trends become clearer and further data is available.
However, at this early stage, looking at the half-year, we look forward with cautious optimism for members looking ahead to the 2027 renewal.
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