KP&I freezes 2012 insurance premium rates

The ambitious Korea Shipowners’ Mutual Protection & Indemnity Association (KP&I) announced at the board of director's conference that the association will freeze the insurance premium rate in 2012.

A representative from KP&I said, “We decided on the rate freeze considering the prolonged global maritime depression, and contribute towards the financial stability of our association members.”
On the other hand, other foreign P&I associations pushed forward the rate hike pointing the finger of blame at the emergency fund for Global Risk Based Capital, increases in claim cause from protection and indemnity insurance, and other causes.

13 associations will increase their rates on average by 4.6% and enforce the deductibles raise. Especially Japan P&I jacked the rate up 30% compared with the 2010 financial year. In this situation, KP&I’s move deserves to be estimated as a role model. KP&I has 216 members in the association with 895 vessels weighing 10,210,000 tons and 90,000 tons of vessels that could sail. < 김보람 기자 brkim@ksg.co.kr >