West of England opens GI announcements with 15% for 2022
At the meeting on 12 October, The Board of Directors have decided to take further actions to address the technical deficit and combined ratio expected to be in excess of 100% for this year again: they have accordingly announced a 15% General Increase on mutual P&I rates for 20 February 2022, with de-risking actions and further adjustments for Members with ...
Continue ReadingLondon P&I Club levies Supplementary calls
The Club’s Board has decided to call for unbudgeted supplementary calls on the last 3 open policy years (2019, 2020 and 2021) in order to address the underwriting deficit, which have resulted in combined loss ratios of 137% in 2019/20 and 136.7% in 2020/21. This is the first time since 2008 that the London Club raises Supplementary calls. The Club ...
Continue ReadingGard to seek modest increase on 2021 P&I premium
Gard has announced that they will be seeking individual increases on P&I entries, instead of a General Increase, to progress towards their 102.5% Combined Ratio objective for 2021. The Club has also confirmed that they will not be calling the full premium for 2019, and instead grant a 5% reduction on the ETC for this year. In addition the Club ...
Continue ReadingAnother capital distribution from Britannia
As announced last year, the Club is not applying General Increase anymore, however following the Board meeting last week, Britannia has advised that they will be seeking to increase the Club’s current ETC levels for 2021 renewal, by way of reviewing Member’s individual record, with any adjustment in the IG Reinsurance programme cost being passed on to Members. Minimum P&I ...
Continue ReadingSwedish Club announces 5% GI
The last Club to announce, the Swedish Club, has now joined the pack of Clubs seeking GI for 2020 P&I renewals, albeit at a slightly lower level than the majority, with a 5% General Increase. The Club will also address premium adequacy by reviewing loss records individually. No General Increase will be applicable on FD&D entries. Release Calls are set ...
Continue ReadingJapan P&I Club seeks 7.5% GI for 2020
In line with the majority of the Clubs, the Japan P&I Club has now announced that there will be a 7.5% increase in advance call rates for P&I entry. The Club still charges annual premiums based on Advance calls and estimated supplementary call set at 40% of advance call. Release calls are set as follows: 2017: 5% 2018: 10.5% 2019: ...
Continue Reading5% GI from Shipowners P&I Club for 2020
Since 2014, the SOP has applied Nil General Increase on Mutual premiums but for 2020 renewal, they have announced they will apply a 5% General Increase. The Club will absorb any adjustment in premium for the International Group excess of loss programme. Records will be reviewed individually however for adequate deductible and premium adjustments. Details of the Club’s position are ...
Continue ReadingWest of England announces 2.5% GI for 2020
The Club’s Board has decided to implement a 2.5% General Increase on P&I mutual rates for 2020 policy year, and will further adjust rates and deductibles for entries with adverse loss records. No General Increase will be applied on FD&D and Charterers Liability entries. The release call for 2020 is fixed at 15% for both P&I and FD&D. The Club’s ...
Continue ReadingSkuld renewal update for 2020/21
Pursuing from their position since 2011, Skuld is not applying General Increase anymore, and renewal terms for 2020 will be solely based on individual Members’ records and performance. However the Club has indicated that some rate adjustments will be necessary, and all deductibles below USD25,000 will be increased by USD2,500 and RDC/FFO deductibles will increase to USD50,000. The Club is ...
Continue ReadingLondon P&I Club set GI at 7.5% for 2020
The Club’s Board has set the General Increase at 7.5% for renewals of their P&I and FD&D classes in February 2020. Deductible levels will also be reviewed individually. Release calls are updated as follows: 2017/18: 5% for P&I and FD&D 2018/19: 12.5% for P&I and FD&D 2019/20: 15.0% for P&I and FD&D 2020/21: 15.0% for P&I and FD&D Full details ...
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