Every year on 20 February, the world’s shipowners renew their Protection & Indemnity (P&I) insurance — the liability cover that pays when a crew member is injured, a vessel collides with another boat or a jetty, oil spills, or a wreck has to be removed. For fishing fleets, it is the single most important insurance date on the calendar. And this year’s renewal season has produced a split decision: between 3 and 9 November 2026, five International Group P&I clubs announced their 2027 terms, and they range from a 0% freeze to a 5% rise — with one club handing money back and another raising deductibles at the same time.
The headline that matters most for fishing boats is the Shipowners’ Club. It is the leading insurer of smaller and specialist vessels worldwide, it insures over 5,000 fishing boats, and its board resolved on Tuesday 3 November 2026 to apply no general increase at all for 2027 — absorbing an expected rise in reinsurance costs instead of passing it on to members. That is the first time in years a major P&I club has held its headline rate flat while its competitors all raised theirs. This post breaks down every club’s 2027 position, explains what the percentages actually mean for a fishing-boat owner’s bill, and sets out how Indian fishers should read the news against the cover available at home.
The 2027 renewal decisions at a glance
| Club | 2027 headline move | Announced | The catch |
| Shipowners’ Club | 0% general increase | 3 Nov 2026 | Expected reinsurance rise absorbed; individual record adjustments still possible |
| Gard | 4% average increase on estimated total call | 9 Nov 2026 | 10% owners’ general discount retained for renewing mutual members |
| Steamship Mutual | 4% general increase | 3 Nov 2026 | ~$39m capital distribution proposed (10% of 2026 mutual premium, subject to approval) |
| UK P&I Club | 4.5% general increase | 6 Nov 2026 | Deductibles below US$50,000 rise 10% (minimum US$1,000) |
| West of England | 5% general increase | 3 Nov 2026 | As tracked by Partner-SHIP Intelligence |
All five decisions were taken before the International Group’s 2027/28 reinsurance price is known — and that price, driven in part by the Baltimore bridge (Dali) claim, is still an open number. So none of these headline figures is the final word on what any owner will actually pay.
Shipowners’ Club: 0% — the fishing-boat club holds the line
The Shipowners’ Club is the club that matters most to fishing. Founded in 1855, it is a mutual association owned by its members, and it specialises in smaller and specialist vessels — harbour craft, barges, yachts, offshore support vessels and, crucially, fishing boats. Its own fishing-vessel liability guidance says it insures over 5,000 fishing boats operating around the world, covering any vessel with a commercial fishing registration, and its fixed-premium option was designed initially for fishing vessels — a fixed annual payment with no exposure to supplementary calls, aimed at owners who want P&I cover without mutual-call risk.
When its board met on 3 November 2026, it noted that prior-year claims were developing in line with budget and that the combined ratio for the 2026 financial year was slightly under 100% at the end of the third quarter. Despite inflation and the rising cost of the International Group reinsurance programme, the board resolved that no general increase would be applied for 2027, and that the expected increase in reinsurance costs would be absorbed by the club. The club’s half-year combined ratio stood at 100.1%, with an underwriting deficit of US$0.2 million, against 99.6% and a US$0.6 million surplus a year earlier.
The decision rests on capital strength. Reporting on the broker Tysers’ 2026 P&I report in September 2026, Insurance Business Magazine noted the club’s free reserves had risen from US$447 million to US$531 million on investment returns of just over 10%, worth about US$85 million, with a five-year average combined ratio of 98.6%. The club says its strategy is to ask members for premium increases only when absolutely required — and for 2027, it judged that moment had not arrived.
Three honest caveats belong here. First, 0% is a general increase, not a guaranteed flat renewal: the club says it will still review individual records and operational risks, and may adjust individual deductibles. Second, the club expects reinsurance costs to rise for 2027 because of the Baltimore bridge claim, and it has not published a figure for that increase — it is absorbing an unknown. Third, the club itself notes that renewal terms cannot be concluded and documentation issued while any premiums remain outstanding.
Gard: 4% up, but the 10% discount stays
Gard, the largest of the International Group clubs and the highest-rated — A+ with a stable outlook from Standard & Poor’s, the best rating of any club in the group — took a different route. Its board set an average 4% premium increase on the estimated total call (ETC) for the 2027 renewal, and again granted a 10% owners’ general discount on an ETC basis to mutual members renewing for 2027. The 2026 year was also underwritten with a 10% discount, so the discount is a continuation, not a new price cut — on a like-for-like basis, a renewing Gard member’s bill still rises by about 4%.
Gard also listed a 10% release call for the 2027 policy year. Release calls matter when a member leaves a club: they are the settlement of open mutual policy years, not an automatic surcharge on every renewal. And unlike the Shipowners’ Club, Gard will pass changes in International Group reinsurance costs on to members in the usual way — so its 4% is the increase before any reinsurance uplift is added.
Steamship Mutual: 4% up, $39 million coming back
Steamship Mutual also set a 4% general increase across all classes for the 20 February 2027 renewal, citing volatile large claims and inflation. But it paired the rise with a proposed capital distribution of about US$39 million — an allocation of 10% of 2026 P&I mutual premium paid for vessels or shares renewing on 20 February, subject to regulatory approval.
That distinction matters. The $39 million is a return on last year’s premium, not a 10% discount on next year’s invoice — and it may not be available to every entrant. A member should model the distribution separately from the cash due at renewal, confirm eligibility, and check the timing: the money comes back on a different schedule from the premium going out. International Group reinsurance cost changes will also pass through to Steamship members.
UK P&I Club: 4.5% up, and small deductibles rise 10%
The UK P&I Club’s board agreed a 4.5% general increase for the 2027 policy year on 6 November 2026, citing continuing claims inflation and the rising cost and complexity of major casualties — specifically more expensive crew illness and injury, salvage and casualty claims. Its 2026/27 performance remains in line with expectations, and the club forecasts a combined ratio of about 100% for the year. The club characterised the move as measured: premiums need to keep pace with claims costs, but its financial strength and the benefits of its merger allowed it to keep the increase to 4.5%.
The part that will bite fishing-boat owners hardest is not the 4.5% — it is the deductible. The club will target a 10% increase in deductibles below US$50,000, subject to a minimum increase of US$1,000. A US$15,000 deductible becomes US$16,500. On a covered US$8,000 claim, the member still pays the whole US$8,000 either way. But on a covered US$40,000 claim, the member’s retained amount rises by US$1,500. The extra cost depends on actual claims, not on the premium percentage — and for small fishing operators, who mostly suffer small-to-medium claims, deductible creep can cost more than the headline rise.
The club’s circular also sets the release calls for open policy years — 2024: 5%, 2025: 7.5%, 2026: 10%, 2027: 12.5% — and records two structural changes: the club and TT Club jointly acquired Thomas Miller Holdings in October 2026, and the two clubs plan to merge on 20 February 2027, subject to regulatory approval. The same circular notes the club will issue Blue Cards and cover liabilities under the 2010 Hazardous and Noxious Substances Convention from its entry into force in November 2027.
Why the headline percentages are not the final bill
Three things sit behind every 2027 renewal quote, and none of them is fixed yet. First, the International Group reinsurance price for 2027/28 is not yet established. The clubs pool large claims — they generally retain the first US$10 million of a qualifying large P&I claim at club level under the current pooling arrangement — and buy reinsurance above that. The cost of that reinsurance is rising, driven in part by the Baltimore bridge claim, and whether a club absorbs it (Shipowners’), passes it through (Gard, Steamship, UK) or includes it in an inclusive premium changes the real cost by more than the headline percentage.
Second, general increases are not individual quotes. A member with severe open claims may face a larger increase or a terms change even at a club with a zero headline rise. Premium starting point, claims record, deductible, reinsurance charge and any capital distribution decide the difference — as the comparison published on 11 November 2026 puts it, a shipowner renewing eight tankers can pay more with a 0% general increase than another owner offered a 4% rise.
Third, the increases are smaller than last year’s. Gard’s 2026 increase was 5%, UK P&I’s was 7.5%, Shipowners’ was 5% and Steamship’s was 8% — so 2027’s 0–5% range is a moderation, not an acceleration. The market is softening, but claims inflation has not gone away.
What it means for fishing fleets — and for India
For a fishing-boat owner, P&I is not an optional extra. It covers the liabilities that can sink a small operator in a single incident: injury or death of crew, collision with another vessel or a fixed object, pollution, and wreck removal. The Shipowners’ Club’s 0% decision is therefore the most useful news in this renewal round for the world’s fishing fleets — the club that actually insures their boats is the one holding its price. Its fixed-premium option, designed for fishing vessels, is also the simplest route for a small owner who wants a known annual cost with no supplementary-call risk.
For Indian fishers, the international picture throws the domestic gap into sharp relief. At home, the only national accident cover is the Group Accident Insurance Scheme (GAIS) under PMMSY, which pays up to ₹5 lakh for accidental death or permanent total disability — but it covers the fisher, not the boat. A fisher who survives a storm but loses his vessel gets nothing under GAIS. Fishing-vessel insurance under PMMSY has been designed and priced — hull, machinery, nets, collision liability and natural-calamity losses at a premium of 2% of the sum insured plus GST, with the government paying up to 40% of the premium for general-category owners and up to 60% for SC, ST and women beneficiaries — but as of our check on 25 October 2026, no enrolment window had been announced. Andhra Pradesh fishers, hit by Cyclone Arnab on 28 October 2026, are still waiting for the boat-insurance facility the state was directed to prepare on 30 October.
The contrast is the lesson: abroad, fishing fleets buy liability cover in a competitive mutual market where a 0% renewal is possible; in India, the vessel-cover scheme exists on paper and the accident cover exists in practice, but the two have not yet met in a policy a boat owner can actually buy.
How to prepare for the 20 February 2027 renewal — six steps
Step 1: Get the ETC-to-cash bridge in writing. Ask your broker for one schedule showing 2026 billed, 2026 paid, 2027 quoted, separately payable amounts and any conditional refunds. A 10% capital return on last year’s premium is not the same as a 10% discount on next year’s charges.
Step 2: Rebuild your loss run. Normalise five years of paid and reserved claims by vessel-days, split small crew and cargo claims from low-frequency major events, and identify open reserves that may change. That is the evidence that earns a better individual rate.
Step 3: Model every deductible, not just the premium. Work out the expected out-of-pocket cost under the new deductible for your actual claim sizes. A US$1,500 rise in a deductible costs nothing on claims below the old deductible and US$1,500 on claims above the new one.
Step 4: Challenge the reinsurance pass-through. Ask for the current and proposed group reinsurance rate per gross ton for your vessel class, and written confirmation of whether changes are passed through, absorbed or included in the quotation.
Step 5: Turn loss prevention into a rate discussion. Present measured reductions in crew illness, mooring accidents and navigational incidents, with training completion, condition surveys, near-miss closures and pre-employment medical screening — and ask for a named underwriter’s written review of whether it supports a rate reduction.
Step 6: Start early and compare over more than one year. Ask for terms well before 20 February, reconcile exposure and credit on like-for-like ship records, and review the claims-handling team, correspondent network, club capital and any planned governance changes — such as the UK P&I–TT Club merger due on renewal day itself.
Frequently asked questions
What is P&I insurance?
Protection & Indemnity insurance covers a vessel owner’s third-party liabilities: crew injury and death, collision, pollution, cargo damage and wreck removal. It is normally bought from a mutual P&I club, where members pool risk and share costs.
When is the 2027 P&I renewal?
Saturday 20 February 2027, the traditional annual renewal date for the International Group clubs. Terms must be agreed before then.
Which club is cheapest for a fishing boat?
There is no single answer, and no headline percentage is a quote. The Shipowners’ Club’s 0% general increase is the lowest headline, and it is the club that insures over 5,000 fishing boats — but an individual owner’s price depends on claims record, vessel, trading area and deductible. Compare like-for-like quotes, not headlines.
Does the 0% rise mean my premium will not change?
No. A general increase of 0% means the club is not applying an across-the-board rise. Individual rating, risk surveys, deductible changes and the treatment of reinsurance costs can still move an individual member’s premium.
What is a release call?
When a member leaves a mutual club, the club can levy a supplementary call to settle open policy years. Gard lists 10% for 2027; UK P&I lists 5% for 2024, 7.5% for 2025, 10% for 2026 and 12.5% for 2027. It is an exit cost, not an annual surcharge.
Does India have fishing-vessel P&I cover?
Not as a buyable policy yet. PMMSY vessel insurance has been designed and priced at 2% of the sum insured plus GST with up to 40–60% premium support, but no enrolment window had been announced as of 25 October 2026. GAIS covers the fisher (up to ₹5 lakh for accidental death), not the boat.
Read more on Fisheries India
- $42.6B Marine Insurance Boom — What It Means for Fishers — IUMI’s Stats Report 2026: global premiums hit $42.6 billion, hull up 9.4%.
- Caribbean Fishers Get Paid 3 Days Before Hurricanes — CCRIF’s anticipatory parametric cover releases money before landfall.
- Coral Reefs Insured for $1M — Fishers Paid to Repair Them — a parametric reef policy that hires fishers as responders.
- Cyclone Cover That Pays Without a Damage Survey — India’s parametric cyclone pilot for 2,500 families in Cuddalore.
Official links and sources
- Hellenic Shipping News, 3 November 2026 (Shipowners’ Club 2027 renewal: board met 3 Nov 2026, no general increase, reinsurance rise absorbed, combined ratio slightly under 100% at end-Q3)
- UK P&I Club Circular 20/26, 6 November 2026 (official PDF) (4.5% general increase; 10% rise in deductibles below US$50,000, minimum US$1,000; release calls 2024–2027; TT Club merger planned 20 February 2027)
- The Royal Gazette, 9 November 2026 (Gard: 4% average increase on estimated total call, 10% owners’ general discount, S&P A+ stable)
- Ship Universe, 11 November 2026 (four-club comparison: Steamship 4% + $39m distribution; Gard 10% release call; US$10m club retention; 2027/28 reinsurance rate not yet set)
- Partner-SHIP Intelligence, marine insurance tracker (updated 12 November 2026) (West of England 5%; Shipowners’ 0% linked to Baltimore bridge claim; 2026 increases for comparison)
- Shipowners’ Club Fishing Vessel Liability Insurance FAQs 2026 (official PDF) (over 5,000 fishing boats insured; fixed-premium option designed initially for fishing vessels)
All facts above were verified on 12 November 2026 against the sources listed. Headline percentages are club-published general or average increases, not quotations for any individual vessel. Gard’s 10% owners’ general discount already applied in 2026, so it is not a new 2027 price cut. Steamship’s $39 million is a proposed capital distribution on 2026 premium, subject to regulatory approval, not a discount on the 2027 invoice. The 2027/28 International Group reinsurance price had not been set at the time of writing. India figures (PMMSY vessel cover, GAIS) are carried from Fisheries India’s verified IUMI post of 10 November 2026. Images in this post are illustrations.