India’s share of the global tonnage is less than 1 percent, highlighting the need for an Indian P&I Club to garner support from international markets. This support is crucial from both a ship owners’ perspective and reinsurers’ point of view. With limited ownership in the global tonnage, an Indian P&I Club would benefit greatly from collaboration with international stakeholders to ensure comprehensive coverage and risk management.
Establishing an Indian P&I Club would require strategic partnerships and alliances with key players in the maritime insurance industry. By leveraging the expertise and resources of international markets, the Indian P&I Club can enhance its capacity to provide effective protection and support to ship owners. This collaboration would not only strengthen the club’s financial stability but also enable it to offer competitive services in the global maritime insurance sector.
The creation of an Indian P&I Club presents a significant opportunity for the country to establish a strong presence in the international maritime insurance market. By fostering relationships with global insurers and reinsurers, the club can enhance its credibility and reputation, paving the way for sustainable growth and success in the industry. With the right partnerships and support from international markets, an Indian P&I Club can effectively address the evolving needs of ship owners and contribute to the overall development of the maritime sector.
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