Following a few years of General Increase and positive Underwriting results, the Club has announced that they will take a differentiated approach across the Membership with regards to 2023 renewal, reflecting sector-specific claims trends: the Club will not seek a General Increase across all entries, but have announced that a 10% General Increase will be applied to Yacht and increases will be applied to Dry cargo entries, although they will not be setting a fixed increase. Notwithstanding the above, all members records will be assessed and premium adjusted as appropriate as in previous years, with any adjustment inclusive of additional GXL reinsurance costs if applicable.

In addition tot he above, all deductibles (across all entries) under USD50,000 will b e increased by 10%, subject to a minimum of USD500.

Full details of the Club’s position are available in their Circular.