Latitude Brokers

Skuld will seek minimum 10% increase on P&I and FD&D for 2022 renewal

Skuld’s Board has set out that a minimum 10% market adjustment, irrespective of Members performance, will be necessary on P&I and FD&D mutual entries to address the significant increase in pool and large claims as well as attritional claims due to Covid. Members with challenging claims record will face additional adjustment. As usual any change in the costs of the ...

Steamship Mutual announces 12.5% GI for 2022, and increases Release Calls for open years

Taking into account the Club’s underwriting results in excess of 100%, the Board has decided that a 12.5% General Increase will apply on all all classes of business, which would include P&I, FD&D and Charterers Liability. Individual Members rating will be also adjusted according to their performance and adjustment to the costs of the IG GXL programme will be passed ...

UK P&I Club sets 2022 General Increase at 12.5%

The Boards of the Club have set a General Increase of 12.5% on P&I rates for 2022 renewal to address the underwriting deficit. In addition, the rates will be adjusted based on individual loss records, and to reflect any change in the International Group Reinsurance Programme. P&I Release calls are updated as follows: 2019: 5% 2020: 10% 2021: 15% 2022: ...

Britannia Total Calls target increase 12.5% for 2022, with further Capital Redistribution

The Club’s Board met on 19 October 2021, and as per last year, whilst they are not setting a general increase, their stated target is to increase Total Calls for 2022 by 12.5%. In order to achieve this objective, they will review and underwrite each Member based on their individual performance and exposure. Any change in the cost of the ...

West of England opens GI announcements with 15% for 2022

At the meeting on 12 October, The Board of Directors have decided to take further actions to address the technical deficit and combined ratio expected to be in excess of 100% for this year again: they have accordingly announced a 15% General Increase on mutual P&I rates for 20 February 2022, with de-risking actions and further adjustments for Members with ...

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 ...

Indian 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: ...

Joint 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 ...

At 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 ...

Swedish 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) ...