The Club has announced that in order to address the negative development of 2021 Policy year re pool claims and retained exposure, they will levy a 30% unbudgeted supplementary call on 2021 P&I premium, to be collected in October 2023 and January 2024.

Furthermore the Club has decided not to have any standardized, or general increase for year 2023. Instead, club targets to achieve an overall increase of 10% on the expiring rates to counter inflation and continuingly hostile trends in the claims environment. 

Members’ premium rates and terms of entry for 2023 will be assessed by reference to their own particular circumstances, including their loss records, vessel-type, trade and regional factors, as well as other relevant matters, including the consideration of Members’ individual risk profiles, in consequence of which further adjustments may be made as appropriate.

The club decides to increase all deductibles from $10,000 to $50,000 per claim by 10%, and any below $10,000 threshold will be increased in all cases by $1,000. 

The component of premium represented by the club’s international Group reinsurance arrangement as well as any uplift in the cost of club’s own whole-account reinsurance for 2023 to be adjusted separately and additionally.

Release calls

2020 – 15% for P&I and FD&D

2021 – 30% for P&I and FD&D

2022 – 20% for P&I and FD&D

2023 – 20% for P&I and FD&D

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