P&I clubs' balance sheets strong but performance under pressure amid strong competition

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      <subfield code="a">Pricing is under pressure ahead of the February 20, 2019 deadline for the marine protection and indemnity (P&I) renewal for ship-owners. Competition in the sector remains strong, exarcebated by a growing fixed-premium market. At the time, the P&I clubs' ship-owning members continue to face challenging commercial conditions and are looking to reduce costs.
The P&I sector is dominated by the members of the International Group of P&I Clubs (International Group), which collectively insure approximately 90% of the world's ocean-going tonnage</subfield>
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