November 2024 - Latitude Brokers

At a glance – 2025/2026 P&I Renewals

Unless specifically mentioned the following is in respect of the Mutual P&I entries and excludes FD&D, fixed premium entries and charterer’s liability. The headline General Increase numbers are as follows and will be updated as each Club announces – click on each Club’s link to see the full GI announcement. GXL rate changes passed on to Members unless otherwise specified. ...

Skuld announce 5% target rise in ETC and 5% Member credit in 2025/26 renewal circular

Skuld have released their 2025/26 renewal circular with a 5% target rise in Estimated Total Call and a 5% Member’s credit being announced. As usual the Club are not imposing any General Increase and are instead using the strategy of adjusting premiums based on performance of individual Members. The 5% Member’s credit will apply to Mutual P&I premium subject to ...

Gard announce 10% Owners General Discount and 4% target premium rise for 2025/26 renewal

Gard have released their 2025/26 renewal circular which targets a 4% premium increase on ETC and reveals a 10% OGD for Members renewing with the Club, thanks to the Club’s continued strong financial position. This is the 16th year in a row that capital has been returned to their mutual Members. The 4% target premium does not appear to be ...

West of England announce 5% General Increase for owned mutual P&I entries. Premiums As Expiring for owned mutual FDD entries.

West have released their renewal circular for 2025/26 with the highlights being a 5% GI for owned mutual entries and premiums as expiring for owned mutual FDD entries. This is a result of an anticipated combined ratio of just over 100% at year end. Changes to the International Group Reinsurance rates will be passed on to Members as usual. Non-Mutual ...

UK P&I Club announce 6.5% General Increase for 2025/26 policy year

UK Club have announced a 6.5% general increase for the 2025/26 renewal with the Club referencing a reduction in their own claims, compared to previous years, but increased group pool claims and uncertainty for the rest of the 2024/25 policy year. General claims inflation are also referenced with claim values expected to continue rising due to social inflation. The Club’s ...