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 adverse records. Finally as usual the rates will be adjusted as per the IG reinsurance programme costs once finalised.

In addition all deductibles are to be adjusted by 15% or USD2,500, whichever is the greater.

15% General Increase will also be applied on FD&D mutual entries.

The Release calls have been set out as per below:

2019/20: 0% for P&I and FD&D

2020/21: 15% for P&I and FD&D

2021/22: 15% for P&I and FD&D

You may refer to the Club’s Circular for full details.