PROTECTION AND INDEMNITY - Willis
PROTECTION AND INDEMNITY - Willis
PROTECTION AND INDEMNITY - Willis
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2000/01<br />
ar (Deficit)<br />
rplus (Deficit)<br />
2001/02<br />
2002/03<br />
USD Millions<br />
2003/04<br />
USD Millions<br />
RENEwAL AT FEBRUARY 20, 2009<br />
Ahead of the renewal at February 20, 2009, the P&I market is facing a world full<br />
of uncertainties.<br />
Despite a respite in Pool claims, retained claims continue to increase, at least in the<br />
short term. There is continuing cost pressure on the IG reinsurance programme.<br />
The investment environment is the most volatile in living memory.<br />
Underwriting deficits combined with unreliable investment income present the<br />
unwelcome but inevitable prospect of significant premium increases at 20 February 2009.<br />
The change in the shipping market presents its own uncertainties. All of which looks<br />
likely to lead to a renewal every bit as confrontational as 2008.<br />
overall resulT – ProjeCTed forWard: Nil iNvesTmeNT iNCome<br />
800<br />
600<br />
400<br />
200<br />
0<br />
-200<br />
-400<br />
2004/05<br />
1996/97 2005/06<br />
Overall Surplus for Year (Deficit)<br />
Incurred Technical Surplus (Deficit)<br />
Investment Income<br />
1997/98 2006/07<br />
1998/99 2007/08<br />
1999/00 2008/09<br />
2000/01<br />
2001/02<br />
2002/03<br />
2003/04<br />
2004/05<br />
2005/06<br />
2006/07<br />
2007/08<br />
overall resulT –<br />
ProjeCTed forWard: equiTies -30 PerCeNT, remaiNiNG iNvesTmeNTs +3 PerCeNT<br />
900<br />
900<br />
800<br />
800<br />
700<br />
700<br />
600<br />
600<br />
500<br />
400<br />
300<br />
200<br />
100<br />
0<br />
-100<br />
-200<br />
-200<br />
-300<br />
-300<br />
-400<br />
-400<br />
-500<br />
-500<br />
1996/97<br />
Overall Surplus for Year (Deficit)<br />
Overall Surplus for Year (Deficit)<br />
Incurred Technical Surplus (Deficit)<br />
Incurred Technical Surplus (Deficit)<br />
Investment Income<br />
Investment Income<br />
1997/98 1997/98<br />
1998/99<br />
1998/99<br />
1999/00<br />
1999/00<br />
2000/01<br />
2000/01<br />
2001/02<br />
2001/02<br />
2002/03<br />
2002/03<br />
2003/04<br />
2003/04<br />
2004/05<br />
2004/05<br />
2005/06<br />
2005/06 2006/07<br />
2006/07 2007/08<br />
2007/08 2008/09<br />
2008/09<br />
2008/09<br />
USD Millions<br />
USD Millions<br />
800<br />
600<br />
400<br />
200<br />
0<br />
-200<br />
-400<br />
900<br />
800<br />
700<br />
600<br />
500<br />
400<br />
300<br />
200<br />
USD Millions<br />
100<br />
0<br />
-100<br />
-200<br />
-300<br />
-400<br />
-500<br />
06/07<br />
900<br />
800<br />
700<br />
600<br />
500<br />
400<br />
300<br />
200<br />
100<br />
0<br />
-100<br />
-200<br />
-300<br />
-400<br />
-500<br />
06/07<br />
07/08<br />
08/09<br />
07/08<br />
06/07<br />
08/09<br />
07/08<br />
08/09<br />
USD Millions<br />
800<br />
600<br />
400<br />
200<br />
-200<br />
-400<br />
<strong>Willis</strong> P&I Review 2008/09 |<br />
0<br />
06/07<br />
07/08<br />
08/09
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