The club has declared a 7.5% General Increase on the rates across all classes of business for the policy year 2022-2023. The board also ordered a 10% increase in P&I deductibles to apply to all deductibles which are US$ 50,000 or less.

In policy year 2022/23 up to September, the club’s own incurred claims are less than budget expectations at six months with no material claims arising from Covid-19. During this period, Club’s investments recorded a loss of 4.4% excluding currency movement, amounting to a loss of US$51 million. The Club is S&P A rated with negative outlook.

The owned tonnage entry grew by 3.5%, increasing the combined and charterer entry to over 200m GT. 

The directors decided to maintain the level of release calls, for mutual class 1 P&I and Class 2 FD&D entries, as follows:

  • 2020/21: 12.5%
  • 2021/22: 12.5%
  • 2022/23: 15%
  • 2023/24: 15%

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

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