The American Club have highlighted Geopolitical tensions, macroeconomic uncertainty, social inflation and volatile investment and commodity markets as concerns at the 2024/25 renewal. With that in mind the combined ratio has improved in relation to previous years at 95% for the policy year to November 2023. Investment returns have been anemic meaning that the Club’s free reserves will not have changed significantly over the previous year. With all this in mind, the Club will not be applying a General Increase but will be taking a Member specific approach to renewal based on record, trade and operations profile. That being said the Club will be targeting a 7.5% increase in premiums across the board for P&I and FD&D.

Despite the unbudgeted supplementary call levied last year, for those Members who were entered in the Club in 2020 on a Mutual basis the Board has ordered an additional and final supplementary call of 25% of originally estimated total premium for both P&I and FD&D classes of the Club’s mutual business.

Members entered for the 2021 policy year on a Mutual basis will also be subject to a supplementary call of 40% of originally estimated total premium for both P&I and FD&D classes.

Release Calls

2021: 2.5% over and above the 40% supplementary call

2022: 35% over and above current Estimated Total Premium

2023: 20% over and above current Estimated Total Premium

Full details of the Club’s position as per their Circular.

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