Premiums across the marine protection & indemnity market will have to increase in the absence of any short-term recovery in investment markets. That is the conclusion reached by leading Lloyd's broker and P&I specialist HSBC Insurance Brokers in its Protection & Indemnity Review 2002. The HSBC review says, "The clubs have witnessed a general downturn in investment income. Inevitably, this has eroded free reserves. In the case of some clubs, this has made little impact, but others are now facing potential difficulty, and some have taken the decision to post unbudgeted supplementary calls. will recover significantly in the short term. Nigel Russell, a director of the marine division of HSBC Insurance Brokers, says, "The P&I market has witnessed much change in recent years.