NorthStandard announce a 5% General Increase for 2026/27 policy year
When compared to the 2024/25 policy year, the Club have seen a more benign period for their retained claims in 2025/26 to date. The Club did reiterate the point made by other Clubs that the number and value of pool claims remain high, albeit slightly lower than the previous policy year at the same point. As a result the expected ...
Continue ReadingGard will levy an average 5% premium increase for 2026 and confirms 10% OGD
The Club will return 10% of Estimated Total Call to Owners renewing with Gard for the 2026 policy year. However in view of inflation and claims costs, and the need to maintain stability of in the portfolio, the Board has decided that an average 5% premium increase should be levied on ETC for 2026 renewal. Individual assessments will be made ...
Continue ReadingUK P&I Club sets General Increase at 7.5% for 2026 renewal
UK P&I Club sets General Increase at 7.5% for 2026 renewal The reported pool claims so far in the current Underwriting year are pointing towards a challenging pool year, whilst quantum of attritional claims continue to rise. On this basis the Club’s Board has decided to seek a 7.5% General increase on P&I for 2026 renewal, together with a 10% ...
Continue ReadingLondon Club announce 6% target rise in premiums for 2026/27
The Club announced a 9% increase in entered tonnage in the first half of the year, which was mainly attributed to existing Members entering additional tonnage in the Club. Despite this increase in tonnage the Club anticipated a modest underwriting deficit for the year, mainly due to pool claims and claims above USD 1m being higher than anticipated. This underwriting ...
Continue ReadingShipowners’ Club calls for 5% General Increase for 2026 & announce new CEO
The Board observed that prior years continue to develop ahead of budget, at the same time as Pool Claims are at a high level. In order to address the imbalance between premium and claims and sustain the Club’s objective of a break even combined ratio, the Club will apply a 5% General increase for 2026 renewal, inclusive of any changes ...
Continue ReadingSteamship Mutual opens the 2026 renewal season with 8% General Increase
The Club highlighted a number of difficulties in 2025 as they head into the 2026 policy year. There has been a second successive year of high pool claim numbers, in addition to deterioration on the prior year’s pool claims, in quantum as well as in number. The Club have also seen their retained claims developing worse than budget. As such ...
Continue ReadingAt a Glance – Announced IG Combined Ratios for 2024/25 Financial Years as per Annual Reports
Unless otherwise stated, combined ratios refer to the policy year 20 February 2024 to 20 February 2025. American Club – 101% *For the calendar year ending 31 December 2024 Britannia – 137.7% Gard – 95.5% *For the calendar year ending 31 December 2024. Japan P&I – TBA London Club – 101.7% NorthStandard – 114% Skuld – 112% Shipowners Club – ...
Continue ReadingInternational Group announce 2025/26 GXL rises – Container ship operators hit hardest
The International Group have announced the finalised Group Excess of Loss (GXL) reinsurance structure and pricing for the 2025/26 policy year. As expected the rates have been heavily impacted by a high level of pool claim activity, most obviously with the Dali allision claim with the Baltimore Bridge. The structure of the programme remains unchanged from the 2024/25 policy year ...
Continue ReadingBritannia downgraded from A (negative outlook) to A- (stable)
On 9 December 2024 S&P announced a revised credit rating for Britannia of A- (stable), down from A (negative outlook) previously. The reasoning for this change was listed as below: “A – The Britannia Steam Ship Insurance Association Europe (Britannia or the club) is likely to reporttechnical losses again this year, with investment returns expected to deliver a modest net ...
Continue ReadingAt a glance – 2025/2026 P&I Renewals
Unless specifically mentioned the following is 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. GXL (reinsurance) rate changes passed on to Members unless otherwise ...
Continue Reading