The Board recognizes the premium for previous year remains insufficient to meet current and expected future claims costs, especially having in mind the potential impacts of high global inflation. Therefore, West P&I has announced General Increase of 10% on mutual P&I premium and 15% on mutual FD&D premium. For Members whose records are adverse, additional action will be taken where necessary with rates and terms adjusted as appropriate to reflect record and/or risk exposure.

In addition, any change to the the cost of the International group Reinsurance programme will be passed directly onto Members as usual

Rules deductible for Class 1 entries currently at USD14,000 will remain unchanged, however all other deductibles will be increase by 10% and a minimum increase of $2500 will be applied.

With regards to non mutual covers (ie Chartered entries), no General Increase is set, but rates and terms will be adjusted as per Members’ exposure and records.

Release call set as below:

2019/20 – 0% for FD&D

2020/21 – 10% for P&I and FD&D

2021/22 – 15% for P&I and FD&D

2022/23 – 15% for P&I and FD&D

2023/24 – 15% for P&I and FD&D

Full details of the Board’s announcement is available in the Club’s Notice to Members.

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