London 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 ...
Continue ReadingThe UK Club announces 10% GI for 2021
The Board of the UK Club has decided to set the General Increase for 2021 P&I entries at 10%, in order to address the premium deficit. Any change in the IG reinsurance costs will be passed on to Members as per usual. Release calls: 2018:5% 2019: 10% 2020: 15% 2021: 20% Full details of the Club’s circular is available on ...
Continue ReadingSkuld update for 2021 renewal
Skuld’s objective for 2021 renewal is to improve the mutual underwriting performance, and the Club has confirmed that as per the past 10 years, they will review entries individually to ensure sustainability of the Members’ portfolio. Release calls are set as follows: 2018/19: 7.5% 2019/20: 10% 2020/21: 15% 2021/22: 15% Full details of Skuld renewal update is available in their ...
Continue ReadingGard to seek modest increase on 2021 P&I premium
Gard has announced that they will be seeking individual increases on P&I entries, instead of a General Increase, to progress towards their 102.5% Combined Ratio objective for 2021. The Club has also confirmed that they will not be calling the full premium for 2019, and instead grant a 5% reduction on the ETC for this year. In addition the Club ...
Continue ReadingStandard Club sets GI at 10% for 2021
The Board of the Standard Club has set the General Increase at 10% of Members’ P&I premium for 2021, but also specified that for Members with adverse records, the further adjustment to address individual performance and inadequate level of premium could be significant. No General increase will apply on the FD&D Class. Release calls set earlier this year remain unchanged: ...
Continue ReadingAnother capital distribution from Britannia
As announced last year, the Club is not applying General Increase anymore, however following the Board meeting last week, Britannia has advised that they will be seeking to increase the Club’s current ETC levels for 2021 renewal, by way of reviewing Member’s individual record, with any adjustment in the IG Reinsurance programme cost being passed on to Members. Minimum P&I ...
Continue ReadingWest of England announces 7.5% GI for 2021
The Club’s Board has decided to implement a 7.5% General Increase on P&I and FD&D mutual rates for 2021 policy year, and will further adjust rates for entries with adverse loss records. Standard P&I deductibles will be set at USD14,000, with deductibles below this level increased by USD2,500, but no change to FD&D standard deductible. Mutual rates will be adjusted ...
Continue ReadingSteamship sets 2021 General Increase at 5%
The Steamship Mutual has announced their General Increase for 2021/22, set at 5% for P&I and FD&D. In addition, standard FD&D deductible will be increased to USD7,500 with USD50,000 cap, and abatement layer is revised to USD3.5 million (from USD1.8 million) with no coinsurance. The rates will be further corrected as per Member’s individual exposure and adjusted once the costs ...
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