The Standard P&I Club held their board meeting in Hong Kong last week, and have now advised that they will not seek General Increase on the P&I and FD&D Estimated Total Premiums for 2018 policy year. In addition, in view of the satisfactory financial results and the increase in the reserves, the Club will return 5% of mutual call for the 2017/18 policy year to Members. Credit notes will be issued in February 2018, to be offset against 2018 payable premiums.

P&I deductibles will be increased by 10% or USD2,000 whichever is the highest.

Notwithstanding the above, as every year, the Club will consider each individual account performance to ensure that premiums and deductibles levels are adjusted in accordance with their claims experience. Any adjustment in the IG reinsurance costs will be reflected in the members premium.

The ETP will be debited as per last year, ie 60% in 2018/19 and 40% deferred to November 2019 for the P&I class, whilst FD&D is debited 100% in 2018/19.

Release calls for the open years have been updated as follows:

Nil for 2015/16 and 2016/17 for both P&I and FD&D

6% for 2017/18 for both P&I and FD&D

Full details are available in the Club’s circular.