Skuld aims at a 5% increase on ETC for 2024 Policy year
The Board of Directors have highlighted the positive impact of the Club’s growth strategy on premium income, the absence of large claims and therefore continue to expect positive underwriting results. However in view of inflation and volatility in the investment markets, the Club is targeting a 5% increase on Estimated Total Call for 2024, based on assessment and adjustment of ...
Continue ReadingNorthStandard announces 5% General Increase for first renewal post merger
The Board of the newly formed NorthStandard have advised that whilst the Club performances in terms of claims and investment are as per projections, external factors such as geopolitical instability and inflation continue to require some adjustment in premium levels to preserve the Club’s financial position. The Club has therefore declared a 5% General Increase in premium rates for 2024 ...
Continue ReadingLondon Club targets an overall increase of 7.5% for 2024
With income and tonnage growth in 2023/2024 as projected, a better than expected combined ratio in August, and breakeven year to date investment result, the Club will continue to take a prudent approach to address inflation in claims and operating costs. The Club has therefore decided that they will not set a general increase, but advised that they are targeting ...
Continue ReadingWest of England announces 7.5% General increase on P&I for 2024
Notwithstanding the Club’s strong performance this year, the Board acknowledged that increase in premium is still necessary to meet the inflationary costs of claims in order to achieve underwriting balance. As a result, the Board has announced as follows: Notwithstanding the above, the Club will review individual risk profiles to determine any further adjustment required. As per usual practice, any ...
Continue ReadingBritannia targets 7.5% increase on P&I premium for 2024 and return USD10 million to Members
Further to the Club’s board meeting end of October, Britannia has now announced their position regarding 20 Feb 2024 renewal: In addition to the above, the Board has agreed a capital distribution of USD10 million to mutual P&I Members with vessels on risk as at 24 October 2023 (midnight). The return for each members will be computed based on each ...
Continue ReadingGard returns 10% as OGD and announces 5% GI for 2024 renewal
The Club’s Board has decided: As per usual practice, the Club will also review individual Members performance for adjustments as necessary, and any adjustment to the Club’s excess of loss reinsurance programme will be passed on to Members at costs. Release calls have been approved as follows: 2021: 5% 2022: 5% 2023: 10% 2024: 10% Full details of the Board’s ...
Continue ReadingShipowners P&I Club announces 5% GI for 2024 renewals
The Club’s Board has decided that a 5% General Increase should be applied for 2024, in order to address the rising costs of claims due to inflation. The increase will not apply to the Yacht sector, who faced a 10% Increase at 2023 renewal. The Club will as usual review individual Members risk profile and performance to further adjust premium ...
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