Taking into account the Club’s underwriting results in excess of 100%, the Board has decided that a 12.5% General Increase will apply on all all classes of business, which would include P&I, FD&D and Charterers Liability. Individual Members rating will be also adjusted according to their performance and adjustment to the costs of the IG GXL programme will be passed on to Members in the usual fashion.

In addition, P&I deductibles below USD100,000 will be increased by 10%.

The Club has also increased the Release calls for the open policy years for both P&I and FD&D classes as follows:

2019/2020: increased from 10% to 12.5%

2020/2021: increased from 10% to 12.5%

2021/2022: increased from 10% to 15%

The release call for 2022/2023 is set at 15%.

Full details of the Club’s announcement is available in the Circular.