With income and tonnage growth in 2023/2024 as projected, a better than expected combined ratio in August, and breakeven year to date investment result, the Club will continue to take a prudent approach to address inflation in claims and operating costs. The Club has therefore decided that they will not set a general increase, but advised that they are targeting a 7.5% overall increase in rates, focused on individual Members loss experience and risk profile. Rates and deductibles will be reviewed as necessary.

Adjustment to the cost of the IG reinsurance programme will be passed on to the Member.

Similar approach will be taken for the FD&D entries.

Release calls for P&I and FD&D are as follows:

2021/22: 5% of annual call

2022/23: 15% of annual call

2023/24: 15% of annual call

2024/25: 15% of annual call

Full details of the Club’s position are available in the Circular.

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