American Club target 7.5% premium increase on P&I and FDD and call for further unbudgeted supplementary calls for the 2020 and 2021 policy years.

The American Club have highlighted Geopolitical tensions, macroeconomic uncertainty, social inflation and volatile investment and commodity markets as concerns at the 2024/25 renewal. With that in mind the combined ratio has improved in relation to previous years at 95% for the policy year to November 2023. Investment returns have been anemic meaning that the Club’s free reserves will not have ...

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UK Club opts for a 7.5% General Increase

Following the Board’s financial review of the Club they have opted to apply a 7.5% general increase to all expiring mutual premium rates from 20 February 2024. This is not inclusive of any changes to the International Group Excess of Loss program which will be passed on to the mutual Members. The Club have also announced increases to deductibles with ...

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Japan P&I Club announces 7.5% General Increase for Mutual owned entries

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 ...

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NorthStandard announces 5% General Increase for first renewal post merger

The Board of the newly formed NorthStandard have advised that whilst the Club performances in terms of claims and investment are as per projections, external factors such as geopolitical instability and inflation continue to require some adjustment in premium levels to preserve the Club’s financial position. The Club has therefore declared a 5% General Increase in premium rates for 2024 ...

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West 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 ...

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Britannia targets 7.5% increase on P&I premium for 2024 and return USD10 million to Members

Further to the Club’s board meeting end of October, Britannia has now announced their position regarding 20 Feb 2024 renewal: In addition to the above, the Board has agreed a capital distribution of USD10 million to mutual P&I Members with vessels on risk as at 24 October 2023 (midnight). The return for each members will be computed based on each ...

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