UK P&I Club sets 2022 General Increase at 12.5%
The Boards of the Club have set a General Increase of 12.5% on P&I rates for 2022 renewal to address the underwriting deficit. In addition, the rates will be adjusted based on individual loss records, and to reflect any change in the International Group Reinsurance Programme. P&I Release calls are updated as follows: 2019: 5% 2020: 10% 2021: 15% 2022: ...
Continue ReadingBritannia Total Calls target increase 12.5% for 2022, with further Capital Redistribution
The Club’s Board met on 19 October 2021, and as per last year, whilst they are not setting a general increase, their stated target is to increase Total Calls for 2022 by 12.5%. In order to achieve this objective, they will review and underwrite each Member based on their individual performance and exposure. Any change in the cost of the ...
Continue ReadingWest 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 ...
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