Best’s Market Segment Report: P&I Clubs See Improving Underwriting Results but Investment Environment Remains Challenging

AMSTERDAM–(BUSINESS WIRE)–#insurance–In a new report, analysts from AM Best predict an improvement in Protection and Indemnity (P&I) clubs’ underwriting performance for the 2022/23 year but warn that a difficult investment environment is likely to continue to weigh on earnings.

The Best’s Market Segment Report, “P&I Clubs in 2023: Improving Underwriting Results but Investment Environment Remains Challenging,” states that the overall credit quality of the International Group of P&I Clubs, which collectively insures approximately 90% of the world’s oceangoing tonnage, has deteriorated due to underwriting and investment losses, leading to a reduction in free reserves.

However, AM Best believes that the clubs have sufficient tools at their disposal to navigate the challenges that the segment is facing and to improve their credit quality once again.

For 2022/23, AM Best expects underwriting performance to improve, returning an overall combined ratio close to 100% (2021/22: 107%). This will have been helped by the absence of reported pool claims during the first half of the 2022/23 year, following years of record highs.

To access a complimentary copy of this market segment report, please visit

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


Jose Berenguer

Senior Financial Analyst
+31 20 308 5429

Mathilde Jakobsen
Director, Analytics
+31 20 308 5427

Richard Banks
Director, Industry Research – EMEA
+44 20 7397 0322

Edem Kuenyehia
Director, Market Development & Communications
+44 20 7397 0280

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