London Club announce 6% target rise in premiums for 2026/27
The Club announced a 9% increase in entered tonnage in the first half of the year, which was mainly attributed to existing Members entering additional tonnage in the Club. Despite this increase in tonnage the Club anticipated a modest underwriting deficit for the year, mainly due to pool claims and claims above USD 1m being higher than anticipated. This underwriting ...
Continue ReadingShipowners’ Club calls for 5% General Increase for 2026 & announce new CEO
The Board observed that prior years continue to develop ahead of budget, at the same time as Pool Claims are at a high level. In order to address the imbalance between premium and claims and sustain the Club’s objective of a break even combined ratio, the Club will apply a 5% General increase for 2026 renewal, inclusive of any changes ...
Continue ReadingSteamship Mutual opens the 2026 renewal season with 8% General Increase
The Club highlighted a number of difficulties in 2025 as they head into the 2026 policy year. There has been a second successive year of high pool claim numbers, in addition to deterioration on the prior year’s pool claims, in quantum as well as in number. The Club have also seen their retained claims developing worse than budget. As such ...
Continue ReadingAt a Glance – Announced IG Combined Ratios for 2024/25 Financial Years as per Annual Reports
Unless otherwise stated, combined ratios refer to the policy year 20 February 2024 to 20 February 2025. American Club – 101% *For the calendar year ending 31 December 2024 Britannia – 137.7% Gard – 95.5% *For the calendar year ending 31 December 2024. Japan P&I – TBA London Club – 101.7% NorthStandard – 114% Skuld – 112% Shipowners Club – ...
Continue ReadingInternational Group announce 2025/26 GXL rises – Container ship operators hit hardest
The International Group have announced the finalised Group Excess of Loss (GXL) reinsurance structure and pricing for the 2025/26 policy year. As expected the rates have been heavily impacted by a high level of pool claim activity, most obviously with the Dali allision claim with the Baltimore Bridge. The structure of the programme remains unchanged from the 2023/24 policy year ...
Continue ReadingBritannia downgraded from A (negative outlook) to A- (stable)
On 9 December 2024 S&P announced a revised credit rating for Britannia of A- (stable), down from A (negative outlook) previously. The reasoning for this change was listed as below: “A – The Britannia Steam Ship Insurance Association Europe (Britannia or the club) is likely to reporttechnical losses again this year, with investment returns expected to deliver a modest net ...
Continue ReadingAt a glance – 2025/2026 P&I Renewals
Unless specifically mentioned the following is in respect of the Mutual P&I entries and excludes FD&D, fixed premium entries and charterer’s liability. The headline General Increase numbers are as follows and will be updated as each Club announces – click on each Club’s link to see the full GI announcement. GXL (reinsurance) rate changes passed on to Members unless otherwise ...
Continue ReadingNorthStandard’s Coastal and Inland class announce 6.5% General Increase
Coastal and Inland class (C&I) have broken a 14 year streak of no General Increase and announced a 6.5% rise in P&I premiums for the 2025/26 policy year. This is 1.5% higher than the GI announced by the main Club and follows a difficult year for the class who were hit by their first ever pool claim. Following 14 years ...
Continue ReadingAmerican Club announce 7% target rise in premiums for 2025/26
The American Club have announced no GI this year with rates being adjusted based on Member’s records, but subject to a target 7% rise overall for all main classes of business. The IG reinsurance adjustments will be charged in addition to any rise required. In addition to the premium uplifts the Club have announced a general deductible rise of 10% ...
Continue ReadingJapan P&I announces 7% GI for Owners P&I and Chartered entries
JPI have released their 2025/26 renewal circular which details their requirements for a 7% General Increase for their Owners P&I and Charterers Liability entries. There will be no GI for FDD entries. As always, reinsurance rate adjustments will be passed on to the Membership. The Club have had a relatively good year with their latest published combined ratio for 2023 ...
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