10 November 2025
The P&I Pre-Renewal Review 2025
As the Protection & Indemnity (P&I) market navigates another year of volatility and transformation, Gallagher Specialty’s highly anticipated 2025 Pre-Renewal Review offers a comprehensive, data-driven outlook to help shipowner members prepare for the February 2026 renewal.
This year's comprehensive report delivers expert insights into underwriting performance, claims trends, investment returns, reinsurance dynamics, and solvency metrics across the International Group of P&I Clubs. With in-depth analysis of the 2024–25 policy year and projections for the 2026 renewal, the review highlights strategic developments, club-specific financials, and emerging market challenges. Discover how Gallagher’s global network of over 100 P&I specialists, backed by advanced data tools and AI-driven intelligence, continues to lead the industry with innovation, integrity, and client-first solutions.
Key Highlights from the report
- Underwriting Performance: Most International Group clubs reported negative combined ratios, with several achieving sub-100% results for the first time in years.
- Claims Trends: Pool claims in 2024 reached new record highs, but a new trend of severity continues into 2025, driven by large casualty events.
- Investment Returns: Clubs benefited from stronger investment income in 2024, helping offset underwriting losses. 2025 also looks to be positive at this time.
- Solvency & Free Reserves: Overall solvency remains robust, with many clubs increasing free reserves, enhancing financial resilience.
- Club-Specific Insights: Detailed financial and strategic analysis of all 12 IG clubs, including portfolio growth, premium adjustments, and leadership changes.
- Looking Ahead to 2026: Early indicators suggest continued pressure on pricing and reinsurance, with clubs focusing on sustainability and digital transformation.
- IG Leadership: The International Group (IG) is undergoing leadership changes, with Rolf Thore Roppestad stepping in as International Group Chair and Bjornar Andresen assuming the role of IG Reinsurance Chairman. These transitions mark a new chapter in IG governance and strategic direction.
Gallagher advocates for a balanced approach to the 2026 renewal, recognising the headwinds of claims volatility and reinsurance pressures, while leveraging strong investment returns and capital buffers. The report encourages shipowners to consider a robust strategic approach, supported by Gallagher’s specialist knowledge and global reach.
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