The IG’s Reinsurance Committee has now announced the GXL reinsurance contract for 2023/24 policy year has been finalized with rates as follows:

Persistent Oil tankers + 3% / $0.6663/GT

Clean Tankers +10.5% / $0.4051/GT

Dry +6.2% / $0.5991/GT

Containerships +10.5% / $0.7277/GT

Passenger +0% / $3.8677/GT

Chartered Tankers +7.5% / $0.3128

Chartered dries +7.5% / $0.1526/GT

Malicious Cyber, Covid-19 and pandemic risks remained cover under the GXL.

Excess War P&I cover with USD500 million limit is renewed but includes ‘territorial exclusion language’ with regards to Russia and Ukraine. Negotiations are still ongoing to secure coverage with sub-limit for the affected vessels.

Full details of the Reinsurance structure for 2022 is available on the International Group of P&I Clubs website.