The purpose of this paper is to analyse new role of protection and indemnity club for stabilizing Korean marine industry. For this purpose the literature review and the interviews with the parties concerned were made. Based upon the result of this study, it is suggested that Korean protection and indemnity clubs play two roles simultaneously; the one is a traditional role of protection and indemnity for ship-owners, and the other is a dynamic role of covering management risks of ship-owners. To improve the traditional role, Korean protection and indemnity clubs are ⅰ) to increase international confidence continuously, ⅱ) to accumulate the free reserve for claims, ⅲ) to decrease the rate of re-insurance, ⅳ) to increase the premium rate flexibly, and ⅴ) to employ more specialists of the insurance. To play the dynamic role, Korean protection and indemnity clubs are ⅰ) to recognize the necessity of covering management risks of shipping companies, ⅱ) to organize systematically its club, ⅲ) to manage its original funds and government funds separately, and ⅳ) to try to develop individual insurance system of covering management risks.