The Club has announced that it is seeking a 10% General Increase on P&I and Defense class premium rates for the 2023/24 policy year. The management will carry out analysis of individual owners’/members’ rating adequacy, terms and deductibles along with historical and forecast claims exposures, and additional contributions will be sought from owners/members with adverse records.

The club’s investment portfolio, delivered an investment return at 20 August 2022 of minus 4.9%.

The Board views owners/members increasing their retentions as a key component in the club’s maintenance of a disciplined underwriting approach, especially at a time of increasing claims inflation. The Board has determined to increase all deductibles by 10%, subject to a minimum increase of US$ 2,000 for crew and cargo claims. No changes to FDD deductibles.

The adjustment in cost in respect of the International Group excess of loss reinsurance program will be passed to owners/members.

Release calls:

  • 2020/21 – 6% for P&I and FD&D
  • 2021/22 – 12.5% for P&I and FD&D
  • 2022/23 – 12.5% for P&I and FD&D
  • 2023/24 – Nil

Full details of the club’s position are available in their Circular.

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