Steamship Mutual announce 5% General Increase and 12.5% capital return for 2025
Just as they did in 2023 Steamship have become the first IG Club to release their renewal circular relating to the 2025/26 policy year and have set a benchmark for other Clubs to follow.
They have announced a 5% general increase to apply to all classes of business from 20 February 2025 as well as a capital distribution of 12.5% of the 2024/25 mutual P&I premium to Members who renew in 2025. In cash terms this amounts to approximately USD 42m returned to their Members.
This follows a 7.5% capital distribution from the 2023/24 policy and is now the sixth year since 2016 in which capital is distributed, amounting to a total return of US$156 million to Members.
The redistribution will be credited to Members after the February 2025 renewal period is concluded.
Note that the expected increases to the IG reinsurance program rates will apply in addition to the 5% general increase.
These favourable renewal terms are the result of a growth in the Club’s owned tonnage and an investment return of USD 77m in the year to 20 September. The Club also noted that whilst claims are increasing in value they remain broadly in line with the Club’s budgeting.
Release calls were maintained as previously announced with the 2025/26 year set at 10%. Open year release calls will therefore be as below going forward:
2022/23: 0%
2023/24: 5%
2024/25: 10%
2025/26: 10%
The link to the Club’s full circular can be found below: