EU probes vessel P&I industry

EU probes vessel P&I industry    The European Union has begun an antitrust investigation into marine-insurance agreements among groups of ship owners, according to a Bloomberg report Thursday.
   The probe will examine the actions of 13 protection and indemnity clubs that collectively insure about 93 percent of the world's commercial fleet, checking whether 'they unfairly shut commercial insurers (not in one of the clubs) out of the market.'
   The investigation has reportedly been prompted by the expiry of a 20-year antitrust exemption of P&I clubs. The exemption was last examined in 1999.
   The International Group of P&I Clubs said in a statement it expects the exemption to be reaffirmed after the investigation as 'there have been no relevant or material changes to the arrangements or in the market for P&I cover.'