West of England P&I announces 5% general increase for 2019
West announces 5% general increase, citing increased “higher cost claims” and investment volatility. The West of England’s free reserves are forecast to fall for the first time in a number of years to a little under USD 300 million, following an increased frequency of higher cost claims which, compounded by continued volatility in the financial markets, have shown current premium ...
Continue ReadingBritannia P&I Club announces nil General Increase for 2019/20
The Britannia P&I Club, managed by Tindall Riley & Co, has announced it will be seeking a nil General Increase for 2019/20 year, with any changes of the International Group Reinsurance costs being passed on to Members in the usual way. The Club will also be seeking to increase minimum deductibles as follows: 2018 2019 Cargo USD12,500 USD14,000 Crew USD3,000 ...
Continue ReadingSwedish Club announces nil General Increase for 2018/19
The Swedish Club joined the pack on 7th December 2017, announcing that for the 3rd consecutive year, they will not be applying a General Increase for 2018 renewal. More details will follow, but in the meantime, full details are enclosed in their Press release.
Continue ReadingJapan P&I Club announces nil General Increase for 2018/19
At their board meeting on 30th November 2017, it was decided that the Japan P&I Club will not impose any General Increase on the Advance Calls for 2018 renewal. Entries will be reviewed and adjusted as necessary depending on their claims performance, and also depending on changes in the GXL costs. The 2018 Supplementary call is set at 40%. In ...
Continue ReadingShipowners’ P&I Club announces nil General Increase for 2018/9
The Shipowners’ P&I Club announced they will be seeking a nil General Increase for 2018/9 and no change in standard deductibles. Uniquely among the IG, because of the profile of their tonnage in the small ships segment, they will absorb any changes in the International Group Excess of Loss Reinsurance programme. The full circular can be found here.
Continue ReadingCyber Risks – Shipping needs a new Policy wording
We were invited to present to the 5th Asia Marine Insurance Conference in Hong Kong during Hong Kong Maritime Week on Cyber Risks in Shipping. Cyber Risks Presentation to Asia Marine Insurance Conference, November 2017 We took the opportunity to invite the audience of insurers to create a marine cyber product, focused on the shipping market. We believe operators need a ...
Continue ReadingAmerican Club announces nil General Increase for 2018/9
The American Club has announced they will be seeking a nil General Increase for the 2018/9 year across both P&I and FD&D classes. There will be no change to standard deductibles and the open years/Release Calls have been updated as follows: 2015/6 – 5% 2016/7 – 15% 2017/8 – 20% 2018/9 – 20% The full Club circular can be found ...
Continue ReadingSkuld renewal update 2018/9
Skuld, which abandoned seeking General Increases in 2011, has issued their renewal update for the 2018/9 policy year. There will be no change to the standard deductibles and the Release Calls have been updated as follows for the open years: 2015/6 – 3% 2016/7 – 7.5% 2017/8 – 15% 2018/9 – 15% The full circular can be found here.
Continue ReadingAt a Glance – P&I Club General Increases 2018/9
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 – 0% for ...
Continue ReadingGard announces nil General Increase for 2018/9
Gard have announced they will be seeking a nil General Increase for P&I and FD&D for the 2018 year. There will be no change in standard deductibles. Open policy years: 2015 is anticipated to be closed without any further Calls. Release Call set at 5% 2016 is anticipated to be closed without any further Calls. Release Call set at 5% ...
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