The IG Clubs have completed the negotiations for the GXL renewal for the 2017 policy with a favourable result for owners.

The IG Clubs pass on savings (and increases) to their Members at cost, so any reduction will translate directly to owner Members in their 2017 renewals.

The Clubs increased their retention to USD10m at 20 February 2016 which remains the same in 2017.  With the current soft reinsurance market and the claims on the GXL placement progressing favourably, the IG has negotiated the following reductions in rates:

Dirty tankers –         USD0.5955/GT    Reduction of 9.32%

Clean tankers –        USD0.2675/GT    Reduction of 5.01%

Dry cargo –                USD0.4114/GT    Reduction of 9.32%

Passenger vessels –  USD3.3319/GT    Reduction of 5%

For full details, please see the circular here.