Standard Club announces nil General Increase and 5% return

Following its board meeting in Tokyo on 21st October, the Standard Club has announced stable underwriting results and a healthy investment forecast for the current year. Free reserves are expected to increase at the year ending February 2017 and, as such, the board has decided that there will be no general increase for the coming 2017 renewal and the Club ...

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Overview of 2016 IG P&I Club General Increases (Final)

The following is solely 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: American Club – 2.5% Britannia – 2.5% Gard – 2.5% Japan – 3% London – 5% North of England – 2.5% Shipowners – 0% Skuld – (not applicable) ...

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Singapore Insurance market – recent moves

As we “predicted” in our earlier blog, the ongoing consolidation would give rise to further changes and create opportunities for new leaders to emerge as well as new entrants to the Asian market continuing to focus on Singapore as their base. At the Lloyd’s new office opening party in Singapore recently, there were over 300 underwriters and brokers, many of ...

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Standard Club General Increase 2016 announced

The Standard Club, including Standard Asia and Standard Europe, has announced a 2.5% General Increase for the 2016 P&I with no General Increase for FD&D with changes in the International Group Reinsurance costs being passed on. Deductibles will be increased by 10% with those below USD20,000 being increased by USD2000. Release Calls have been updated as follows: 2015/6 – 7% ...

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Reduction in the IG Excess Reinsurance Programme for 2015

Negotiations have been finalised for the International Group General Excess of Loss reinsurance contract and the favourable Pool claims experience for 2012, 2013 and 2014 policy years, have enabled the group to achieve rate reductions: minus 8.11% for clean and dirty tankers minus 6.05% for dry cargo vessels and no increase for passenger vessels and chartered entries. The Clubs apart from ...

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Standard P&I Club announces 2015 General Increase

The Standard Club has announced a 5% general increase will be applied to all mutual P&I premiums at the 2015 renewal.  All deductibles will increase by 10% and, importantly, the Club will now apply deductibles to correspondent’s, survey and legal fees.  A change to the Club Rules will be made to reflect this.  Steel pre-loading surveys will only be paid ...

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