Rate Reductions Announced as the IG Reinsurance Programme Details are Released for 2024/25 Policy Year
The International Group (IG) Reinsurance Programme details have been announced and they include welcome rate reductions for all vessel types. The largest reductions are seen in the Passenger Vessel and Dirty Tanker categories at 12.5% and 7.5% reductions respectively with smaller reductions given in the Clean Tanker, Dry Cargo and Container Vessel categories. The full table can be found below:
| Tonnage category | 2024 rate in US cents per GT | % change in rate per GT |
|---|---|---|
| Persistent Oil Tankers | 61.63 | -7.50% |
| Clean Tankers | 39.82 | -1.70% |
| Dry | 58.63 | -2.10% |
| FCC | 72.04 | -1.00% |
| Passenger | 338.42 | -12.50% |
| Chartered tankers | 31.27 | 0.00% |
| Chartered dries | 15.26 | 0.00% |
In addition to the GXL rates being announced the IG Release confirmed that the Club and Pool Retentions would remain unchanged at USD 10 million and USD 100 million respectively.
Despite recent world events Excess War Risk P&I Cover remains in place with IG Clubs with a limit of USD 500m each vessel, any one event. The exclusion for Russian, Ukrainian and Belarusian trade exclusion remains in place with an aggregated sub-limited cover of USD 80million available for affected vessels.
The full breakdown of the bound reinsurance structure can be found on the International Group website.