The Non-International Group (Non-IG) P&I market remains very competitive with seven providers now offering limits of indemnity up to USD 1 billion, without the constraints of a full P&I Club entry. The insurers considered in our analysis are markets that provide cover for owners worldwide.
The Premium Income of the Non-IG market has contracted slightly over the past 12 months with P&I and Charterers Liability premium reducing by 3%, to a total of USD 363 million.
Four of the thirteen Non-IG P&I insurers grew in 2016/17, three remained flat and six reported a decline in premium income compared to the previous 12 months.
On shipowners (owned) P&I, two providers, British Marine and RaetsMarine, continue to dominate representing a combined 50.5% of the Non-IG market, with the eight other providers accounting for the difference. Similarly, the Charterers P&I Club and RaetsMarine account for 73% of all charterers liability placed in the Non-IG charterer’s liability market.
As mentioned in previous P&I reviews, Willis Towers Watson encourages further details on claims records and underwriting performance to be released by Non-IG P&I insurers. Greater transparency would be welcomed by prospective and existing shipowners in determining a long term risk partner.
The following pages provide a brief overview and analysis of each Non-IG insurer.
The premium written by the Non-IG P&I market has decreased by 3% to USD 363 million between 2016 and 2017. The Premium Income of Non-IG Insurers chart below shows how premium has developed across individual insurers from 2013.
The Non-IG Insurers Market Share (Owned) pie chart below exhibits British Marine and RaetsMarine accounting for over half of the premium income.
The Non-IG Insurers Market Share (Charterers Liability) pie chart similarly exhibits The Charterers P&I Club and RaetsMarine accounting for three-quarters of premium income.
| Non-IG P&I Facility (Owned) | Maximum P&I Limit (USD) | Annual Written Premium (USD) | Standard & Poor's Rating* |
|---|---|---|---|
| British Marine | 1 billion | 105,000,000 | A+ (QBE Insurance (Europe) Limited) |
| Carina | 500 million | 12,100,000 | A+ (Lloyd’s) |
| Eagle Ocean | 500 million | 8,336,297 | BBB- (American Club) |
| Hanseatic | 500 million | 21,050,000 | A+ (Participating Underwriters) |
| Hydor | 1 billion | 17,500,000 | A+ (Lloyd’s) |
| Ingosstrakh | 1 billion | 15,800,000 | BB+ |
| Lodestar | 1 billion | 29,000,000 | A (RSA) |
| Navigators | 1 billion | 21,000,000 | A |
| RaetsMarine (Owned) | 1 billion | 42,500,000 | A (MS Amlin) |
| Thomas Miller Specialty (Osprey) | 500 million | 20,000,000 | A+ (Lloyd’s) |
| Non-IG P&I Facility (Charterers Liability) | Maximum P&I Limit (USD) | Annual Written Premium (USD) | Standard & Poor's Rating* |
|---|---|---|---|
| Charterama | 350 million | 9,750,000 | A (RSA) |
| The Charterers P&I Club | 500 million | 29,000,000 | AA- (Munich Re Group) |
| Norwegian Hull Club | 1 billion | 8,600,000 | A |
| RaetsMarine (Charterers) | 500 million | 23,200,000 | A (MS Amlin) |
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