The Steamship Mutual is the first to announce their position for 2024 renewal, with a 5% General Increase across all classes of business for 2024-2025.

As per usual practice, any adjustment to the IG reinsurance programme will be passed on to Members, and individual performance will also be considered for further rating adjustment.

With tonnage, loss ratio and investment return developing positively at the half year mark, notwithstanding the above, the Club has announced that there will be a capital distribution to Members equivalent to 7.5% of the 2023/2024 mutual P&I premium for renewing vessels, equivalent to approximately USD25 million in total. This is subject to regulatory approval and will be paid shortly after February renewal.

P&I and FD&D release calls have been reduced as follows:

2024/25: 10%

2023/24: 10%

2022/23: 5%

2021/22: 5% 

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

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