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West of England defends ‘fair and reasonable’ 7.5% rate hike

Rate erosion, record level pool claims and tanking investment returns will see all clubs push up prices, insists Tom Bowsher

P&I rates have been gradually eroding in real terms for a long period of time, which makes West of England’s 7.5% surcharge on next year’s premiums reasonable, according to the marine mutual’s chief executive. Other clubs in the International Group are likely to follow suit as well, he told Lloyd’s List

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