The Board of the newly formed NorthStandard have advised that whilst the Club performances in terms of claims and investment are as per projections, external factors such as geopolitical instability and inflation continue to require some adjustment in premium levels to preserve the Club’s financial position.

The Club has therefore declared a 5% General Increase in premium rates for 2024 renewal on P&I entries, and individual performance will also be reviewed to determine any further adjustment that might be required.

All deductibles below USD30,000 will be increased by a minimum of USD1,000.

Any change to the IG Clubs GXL reinsurance programme will be passed on to Members.

For FD&D entry, the Club is also declaring a 5% General Increase on rates, whilst Rules deductible will remain at 25% of claim, minimum USD10,000 per claim.

Release calls:

2021/22: Nil across all classes

2022/23: 5% for P&I and FD&D, Nil for War Risks, Coastal & Inland and Delay

2023/24: 12.5% for P&I and FD&D, 5% for Strike and Delay and Nil for War and Coastal & Inland

The Club has published a Pre-Renewal Report in addition to their Circular.