Marsh says P&I clubs remain cautious despite strong capital buffers

The outlook for the 2026 renewal season remains uncertain.

Marsh’s 2025 P&I Club Update highlights that most Protection and Indemnity (P&I) clubs see technical underwriting performance as their main concern, with mixed expectations for the year ahead. 

Crew availability and reserve adequacy also ranked high amongst the top issues raised by club managers surveyed in June 2025.

The outlook for the 2026 renewal season remains uncertain.

Some clubs consider current levels of retained and pool claims as manageable, whilst others believe further improvements in underwriting performance may be needed. 

Market conditions may also be affected by rising fleet churn, as older vessels that benefited from post-pandemic demand become less economical to operate.

Whilst most clubs report stable investment income in 2025, concerns persist over the impact of ongoing geopolitical and macroeconomic volatility. 

Marsh noted that optimism following strong 2024 results may give way to caution later in the year (a familiar pattern in the sector).

Despite the challenges, pool claims have remained well below 2024 levels, and many clubs that recorded technical losses last year offset them through investment returns. 

Surplus funds and solvency coverage levels generally remain strong, which could temper calls for another round of premium increases in 2026.