Japan P&I announces 7% GI for Owners P&I and Chartered entries
JPI have released their 2025/26 renewal circular which details their requirements for a 7% General Increase for their Owners P&I and Charterers Liability entries. There will be no GI for FDD entries. As always, reinsurance rate adjustments will be passed on to the Membership. The Club have had a relatively good year with their latest published combined ratio for 2023 ...
Continue ReadingShipowners Club announce nil GI for 2025/26 policy year
The Shipowners Club have bucked the trend of required increases for the 2025/26 policy year becoming the only Club to announce a nil GI. Crucially, the Club have also announced that premiums offered at renewal would be inclusive of any adjustment to reinsurance costs. This is worded to allow the Club to raise premiums where the retained premium is insufficient ...
Continue ReadingSwedish Club announce 5% General Increase for 2025/26
The Swedish Club have announced a 5% General Increase for the 2025/26 policy year which puts them very much in the middle of the pack at this renewal. This GI is only applicable to P&I premiums with no rise advised for FDD. GXL reinsurance cost rises will also be passed on to Members. In addition to the premium rise the ...
Continue ReadingBritannia announce 7.5% minimum premium increase and an estimated 12% return on gross premiums
Britannia have now released their 2025/26 renewal circular with key highlights below: A minimum rise in P&I premiums of 7.5%, no minimum rise in FDD announced. A target additional 2.5% rise in overall Club income coming from remedial action for those accounts where 7.5% is not sufficient. Minimum P&I deductibles to increase as follows: Crew USD 10,000 (up from USD ...
Continue ReadingNorthStandard announce 5% General Increase for 2025/26 policy year
Northstandard have announced a 5% GI across P&I and FDD classes for both Mutual and Fixed premium entries. This applies only to their bluewater entries with C&I class yet to release their own separate renewal circular. In addition all P&I deductibles under USD 30,000 will be increased by a minimum of USD 1,000. FDD deductibles will not be subject to ...
Continue ReadingLondon Club announce 5% target rise in P&I and FDD rates
London Club are sticking with their recent target rise approach with their last GI having been imposed on the 2021/22 policy year. For the 2025/26 policy year they are targeting a 5% increase in both P&I and FDD premiums with renewal terms based on Member’s individual records and risk profiles. No general deductible increases have been announced and any changes ...
Continue ReadingSkuld announce 5% target rise in ETC and 5% Member credit in 2025/26 renewal circular
Skuld have released their 2025/26 renewal circular with a 5% target rise in Estimated Total Call and a 5% Member’s credit being announced. As usual the Club are not imposing any General Increase and are instead using the strategy of adjusting premiums based on performance of individual Members. The 5% Member’s credit will apply to Mutual P&I premium subject to ...
Continue ReadingGard announce 10% Owners General Discount and 4% target premium rise for 2025/26 renewal
Gard have released their 2025/26 renewal circular which targets a 4% premium increase on ETC and reveals a 10% OGD for Members renewing with the Club, thanks to the Club’s continued strong financial position. This is the 16th year in a row that capital has been returned to their mutual Members. The 4% target premium does not appear to be ...
Continue ReadingWest of England announce 5% General Increase for owned mutual P&I entries. Premiums As Expiring for owned mutual FDD entries.
West have released their renewal circular for 2025/26 with the highlights being a 5% GI for owned mutual entries and premiums as expiring for owned mutual FDD entries. This is a result of an anticipated combined ratio of just over 100% at year end. Changes to the International Group Reinsurance rates will be passed on to Members as usual. Non-Mutual ...
Continue ReadingRate Reductions Announced as the IG Reinsurance Programme Details are Released for 2024/25 Policy Year
The International Group (IG) Reinsurance Programme details have been announced and they include welcome rate reductions for all vessel types. The largest reductions are seen in the Passenger Vessel and Dirty Tanker categories at 12.5% and 7.5% reductions respectively with smaller reductions given in the Clean Tanker, Dry Cargo and Container Vessel categories. The full table can be found below: ...
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