View the November news bulletin in full: IIMS News Bulletin November 2025 (pdf format) or click to read it in eReader magazine format.
Two ‘lite’ podcast versions are also available to listen to. Yacht & Small Craft Surveyors (run time 24 minutes) and Commercial Ship Surveyors (run time 27 minutes).
It seems to be report season! In recent weeks I have been bombarded with them, more than seems normal for this time of the year from recollection. Sadly, I cannot make time to read and digest them all. But out of courtesy and duty, knowing how much time, effort and money has gone into resourcing and publishing them, I do scan read the most relevant ones, and occasionally I am rewarded with some essential nuggets of learned wisdom. One such recent report that grabbed my attention was the P&I Market Review 2025. It offers a deep dive into the current status of the various P&I Clubs. But it was the narrative in the accompanying press release that really hit home. It informs readers that the 2024/25 policy year saw the clubs report a collective underwriting loss of $312m, reversing two years of surpluses and resulting in a net underwriting loss of $98m over the past three years.