Swedish Club announces 5% General Increase for 2026
In response to upwards pressure on claims costs, notwithstanding limited impact of Pool claims on the Club, the Board has decided to apply a 5% General Increase for 2026 renewal. 2026 premium will also be adjusted as per changes to the IG’s reinsurance costs. In addition, from 2026 deductibles will be applicable to legal costs and expenses, and the standard ...
Continue ReadingGard will levy an average 5% premium increase for 2026 and confirms 10% OGD
The Club will return 10% of Estimated Total Call to Owners renewing with Gard for the 2026 policy year. However in view of inflation and claims costs, and the need to maintain stability of in the portfolio, the Board has decided that an average 5% premium increase should be levied on ETC for 2026 renewal. Individual assessments will be made ...
Continue ReadingUK P&I Club sets General Increase at 7.5% for 2026 renewal
UK P&I Club sets General Increase at 7.5% for 2026 renewal The reported pool claims so far in the current Underwriting year are pointing towards a challenging pool year, whilst quantum of attritional claims continue to rise. On this basis the Club’s Board has decided to seek a 7.5% General increase on P&I for 2026 renewal, together with a 10% ...
Continue ReadingWar Risks Notice of Cancellation issued by P&I and Charterers Liability Clubs, effective 20 February 2024
All International Group Clubs as well as fixed premium Charterer’s Liability insurers are now issuing Notices of Cancellation (NOC) on P&I and Charterer’s Liability War Risks effective from 20 February 2024 for any vessels transiting or trading in the Red Sea or Gulf of Aden and Indian Ocean (as detailed below). The covers affected include, but may not be limited ...
Continue ReadingWest of England announces 7.5% General increase on P&I for 2024
Notwithstanding the Club’s strong performance this year, the Board acknowledged that increase in premium is still necessary to meet the inflationary costs of claims in order to achieve underwriting balance. As a result, the Board has announced as follows: Notwithstanding the above, the Club will review individual risk profiles to determine any further adjustment required. As per usual practice, any ...
Continue ReadingGard returns 10% as OGD and announces 5% GI for 2024 renewal
The Club’s Board has decided: As per usual practice, the Club will also review individual Members performance for adjustments as necessary, and any adjustment to the Club’s excess of loss reinsurance programme will be passed on to Members at costs. Release calls have been approved as follows: 2021: 5% 2022: 5% 2023: 10% 2024: 10% Full details of the Board’s ...
Continue ReadingWest of England Credit Rating boosted to A- by AM Best
Following West’s very strong balance sheet, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management, AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to West of England Ship Owners Mutual Insurance Association (West or WOE) (Luxembourg). The outlook assigned to these Credit ...
Continue ReadingUnbudgeted supplementary calls and 10% GI for Japan P&I at 2023 renewal
There will be a 10% general increase in mutual premium rates for Owners’ P&I and FD&D and charterers’ entries. In addition, Members’ rates will be adjusted as appropriate to reflect their individual claims record, as well as any changes in the cost of the International Group’s reinsurance programme. The Board of the Club has also decided to levy unbudgeted supplementary ...
Continue ReadingSkuld targets 10% overall premium increase for 2023
The Board of directors have acknowledged that notwithstanding the benign large claims environment this year, the technical result for the mutual products remain negative. The combined ratio on an operational level for all products is positive at the half year stage, and the efforts to improve the performance of the mutual portfolio need to be sustained, particularly as the Clubs ...
Continue ReadingWest of England announces 10% GI for 2023
The Board recognizes the premium for previous year remains insufficient to meet current and expected future claims costs, especially having in mind the potential impacts of high global inflation. Therefore, West P&I has announced General Increase of 10% on mutual P&I premium and 15% on mutual FD&D premium. For Members whose records are adverse, additional action will be taken where ...
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