Britannia targets 7.5% increase on P&I premium for 2024 and return USD10 million to Members
Further to the Club’s board meeting end of October, Britannia has now announced their position regarding 20 Feb 2024 renewal:
- The Club will not declare a General Increase but instead will review individual Members risk profile to determine renewal offers. Notwithstanding the above, the Club’s target increase across the P&I Membership for next policy year is 7.5% on ETC
- No change to minimum deductibles but individual records will be considered to propose adjustment
- FD&D: no general increase but target increase across the class of 15% of ETC
In addition to the above, the Board has agreed a capital distribution of USD10 million to mutual P&I Members with vessels on risk as at 24 October 2023 (midnight). The return for each members will be computed based on each Member’s share of the P&I class. Since October 2016, the Club has returned USD145 million to Members via deferred call waivers and capital distribution.
Release Calls are set as follows:
2021: Nil for P&I and FD&D
2022: 5% for P&I and FD&D
2023: 7.5% for P&I and 10% for FD&D
2024: 15% for P&I and 20% for FD&D
Full details of the announcement, including release calls is available in the Club’s renewal circular and the Bulletin re Capital Distribution.