Japan P&I Club have thanked their Membership for their support during the challenging 2023 renewal year whilst providing an update on the Club’s improved finances. Like other Clubs, Japan P&I have highlighted the difficulties encountered through increasing claims costs as well as the Russia Ukraine war. As a result the Club have announced a 7.5% general increase to apply to Mutual owners entries, including additional covers, from 20 February 2024.

Any changes to the International Group reinsurance program will further be applied to expiring premiums.

For Members entered in the Club’s Naiko Class facility a 10% general increase will apply to all covers.

For Charterers entries a 10% general increase will apply.

However, no GI will apply to FD&D entries with the Club.

P&I Release Calls:

2021: 5% (of supplementary call)

2022: 5% (of supplementary call)

2023: 3.5% (of mutual premium)

2024: 3.5% (of mutual premium)

FD&D Release Calls:

2021: 25%

2022: 25%

2023: 3.5%

2024: 3.5%

Please refer to the Club’s Circular for full details.