In the club’s meeting on 25th October, the Club decided to continue with its approach of adjusting individual member’ rates based on their individual claims record and risk profile, rather than announcing a general rate increase. However, Britannia will look to achieve an overall increase of 10% in the ETC for the year 2023/24 policy year before any group excess of loss (GXL) rate adjustment. 

Britannia said that it remained financially strong but that further rate increases were required for the 2023-24 renewal in order to address robustly the underwriting deficit.

The Minimum deductibles will be increased as follow:

  • Crew                USD 7,000
  • Cargo               USD 19,500
  • All Others         USD 13,500

With regards to FD&D class, the members’ rates will be adjusted to reflect their individual claims records and risk profiles to achieve a 10% increase on Britannia’s ETC but there will be no declared general increase. 

The release calls are adjusted as follows:

  • 2020/21           NIL for P&I and FD&D
  • 2021/22           5% for P&I and 5% for FD&D
  • 2022/23           7.5% for P&I and 10% for FD&D
  • 2023/24           15% for P&I and 20% for FD&D

Full details of the Club’s renewal announcement are available here.