For Marsh’s 2025 edition of the P&I Club update we engaged with the P&I clubs to gather their insights. Given the nature of the club system and the volatile P&I environment, the challenges faced by the clubs are multiple and complex.
We distributed a survey to the managers of each club in June 2025 and asked for their perspectives on 10 topics (see Figure 1). They were also asked to rank these issues based on the level of concern they consider each presents to their clubs. This allowed us to capture a range of insights directly from those most involved in managing these challenges.
Most clubs viewed technical underwriting performance as their top concern, with mixed signals about future trends; crew availability and reserves also ranked highly. Other issues like technology, sustainability, the dark fleet, broad church (breadth of coverage), fleet churn, and interest in national clubs were viewed with moderate concern, reflecting a cautious, but generally confident, outlook on the P&I market’s resilience and adaptability.
Outlook for the 2026 renewals
The outlook for the upcoming 2026 renewals is mixed. Some clubs view large, retained claims and pool claims as manageable and within a business-as-usual approach. However, others suggest that improvements in underwriting performance may be necessary.
Additional factors will influence renewal decisions, including the potential for increased churn as older ships — once profitable during the COVID-19 and post-COVID-19 shipping booms — become uneconomical. While most clubs suggest that investment income has held steady so far in 2025, there remains concerns about the longer-term impacts of ongoing macroeconomic and geopolitical instability.
Clubs with an optimistic outlook following their 2024 results may face pressure as 2025 progresses. Historically, there tends to be a shift from spring optimism to autumn caution.
Full details can be found at the Marsh site here.
Be the first to comment