Steamship Mutual announces nil General Increase for 2018 and return 10%

Following the Club’s Board meeting on 24 October, Steamship Mutual have announced there will be no General Increase for the 2018/9 policy year.  The Club are also not seeking an increase to the minimum deductibles. In addition, the Club will return 10% of premium paid on P&I Mutual entries in 2015 policy year to Members, to be credited immediately in November 2017.

Release Calls have been updated as follows:

2015/16: 0%
2016/17: 2.5%
2017/18: 12.5%
The release call for the 2018/19 policy year will also be set at 12.5%.

The Club have commented that Pool claims are higher than at this point last year “Ten have been reported of which four are provisional. However, estimates at this level (in excess of the Club’s retention) are more volatile than those which do not reach the Pool. Thus, although lower in 2017/18 than the average of the last several years, pool claims estimates are still immature at this stage and their future development remains uncertain.”

The full circular can be found here .