London P&I Club levies Supplementary calls
The Club’s Board has decided to call for unbudgeted supplementary calls on the last 3 open policy years (2019, 2020 and 2021) in order to address the underwriting deficit, which have resulted in combined loss ratios of 137% in 2019/20 and 136.7% in 2020/21. This is the first time since 2008 that the London Club raises Supplementary calls. The Club ...
Continue ReadingIndian Ocean Piracy HRA reduced from 1st Sept 2021
Following the downward trend in Somali Piracy, leading shipping organisations BIMCO, ICF, INTERTANKO, INTERCARGO and OCIMF have agreed to reduce the geographical limits of the High Risk Area in the Indian Ocean, to the Yemeni and Somali Territorial Seas and EEZ on the eastern and southern limits, with effect from 1st September 2021. The new coordinates of the HRA are: ...
Continue ReadingJoint War Committee updates War Listed Areas on 26th and 29th April 2021
On 26th April 2021, the Joint War Committee have updated the Hull War, Piracy, Terrorism and Related Perils Listed Areas to JWLA-026: Added Cabo Delgado The waters within 50 nautical miles of Mozambique and Tanzania enclosed by the following boundaries: a) To the north, from Mnazi Bay at 10°19.6’S, 40°18.9E’ to high seas point at 9°50.7’S, 41°7.6’E. b) To the ...
Continue ReadingAt a Glance – 2021/2022 P&I renewals
The following is solely in respect of the Mutual P&I entries and excludes FD&D, fixed premium entries and charterer’s liability. The headline General Increase numbers are as follows and will be updated as each Club announces – click on each Club’s link to see the full GI announcement or use for real time data comparison: American Club – 5% for ...
Continue ReadingSwedish Club announces 5% GI for 2021
The last Club to announce, the Swedish Club has advised they will 5% General Increase for 2021 P&I renewal as per last year, and 10% for FD&D renewal The Club will also address premium and deductibles adequacy by reviewing loss records individually. Release Calls are set as follows: 2018/19: 5% (P&I) and 0% (FD&D) 2019/20: 12% (P&I) and 0% (FD&D) ...
Continue ReadingJapan P&I Club set 10% GI for 2021
The Board has decided on a 10% General Increase on the Advance Call for 2021 renewal, with estimated supplementary call set at 40% of Advance Call. Rates will be also adjusted according to individual entries performance, and any change in the cost of the IG reinsurance programme. In addition the Club will be increasing deductibles as follows: Crew from USD3,000 ...
Continue ReadingShipowners P&I Club to apply 5% GI for 2021
For the end consecutive year, the Shipowners P&I Club have announced they will apply a 5% General Increase at next renewal. The Club will absorb any adjustment in premium for the International Group excess of loss programme. In addition deductibles below USD50,000 will be increase by 10% and for deductibles below USD5,000 a minimum increase of USD500 will apply. Records ...
Continue ReadingLondon P&I Club set General Increase at 10% for 2021
The Club’s Board has set the General Increase at 10% for renewals of their P&I and FD&D classes in February 2021, and will review individual entries for further adjustment as necessary. All P&I deductible will increase by at least USD2,000, and more depending on individual records. Release calls are updated as follows: 2018/19: 5% for P&I and FD&D 2019/20: 12.5% ...
Continue ReadingNorth of England announces 10% GI for 2021
The Club has announces the following remedial measures to address the declining premium levels: 10% General Increase on P&I premium Crew and other people related claims: Deductibles below USD25,000 to be increased by a minimum of USD2,500 Other Deductibles below USD25,000 to be increased by a minimum of USD1,000 5% General Increase on FD&D Premium Release calls (P&I and FD&D ...
Continue ReadingThe American Club announces 5% General Increase for 2021
The Board of the Club has set a 5% General Increase on P&I and FD&D premium for 2021, and will increase all deductibles as follows: deductibles of USD10,000 or less will be increased by USD1,000 other deductibles will be increased by 10%, maximum USD15,000 In addition, individual records will be assessed to further adjust premiums and deductibles as necessary, and ...
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