West of England announces 7.5% General increase on P&I for 2024
Notwithstanding the Club’s strong performance this year, the Board acknowledged that increase in premium is still necessary to meet the inflationary costs of claims in order to achieve underwriting balance. As a result, the Board has announced as follows: Notwithstanding the above, the Club will review individual risk profiles to determine any further adjustment required. As per usual practice, any ...
Continue ReadingBritannia targets 7.5% increase on P&I premium for 2024 and return USD10 million to Members
Further to the Club’s board meeting end of October, Britannia has now announced their position regarding 20 Feb 2024 renewal: In addition to the above, the Board has agreed a capital distribution of USD10 million to mutual P&I Members with vessels on risk as at 24 October 2023 (midnight). The return for each members will be computed based on each ...
Continue ReadingGard returns 10% as OGD and announces 5% GI for 2024 renewal
The Club’s Board has decided: As per usual practice, the Club will also review individual Members performance for adjustments as necessary, and any adjustment to the Club’s excess of loss reinsurance programme will be passed on to Members at costs. Release calls have been approved as follows: 2021: 5% 2022: 5% 2023: 10% 2024: 10% Full details of the Board’s ...
Continue ReadingShipowners P&I Club announces 5% GI for 2024 renewals
The Club’s Board has decided that a 5% General Increase should be applied for 2024, in order to address the rising costs of claims due to inflation. The increase will not apply to the Yacht sector, who faced a 10% Increase at 2023 renewal. The Club will as usual review individual Members risk profile and performance to further adjust premium ...
Continue ReadingSteamship announces 5% GI for 2024 renewal and Capital distribution to Members
The Steamship Mutual is the first to announce their position for 2024 renewal, with a 5% General Increase across all classes of business for 2024-2025. As per usual practice, any adjustment to the IG reinsurance programme will be passed on to Members, and individual performance will also be considered for further rating adjustment. With tonnage, loss ratio and investment return ...
Continue ReadingWest of England Credit Rating boosted to A- by AM Best
Following West’s very strong balance sheet, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management, AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to West of England Ship Owners Mutual Insurance Association (West or WOE) (Luxembourg). The outlook assigned to these Credit ...
Continue ReadingAt a glance – 2023/2024 P&I Renewals
The following is solely in respect of the Mutual P&I entries and excludes FD&D, fixed premium entries and charterer’s liability. The headline General Increase numbers are as follows and will be updated as each Club announces – click on each Club’s link to see the full GI announcement or for real time data comparison, use American Club – target minimum ...
Continue ReadingSwedish Club opts for 10% as P&I clubs wrap up 2023 general increases
In recognition of the need to maintain a balanced approach, the Board of The Swedish Club decided to set a 10% P&I General Increase for 2023. The FD&D General Increase has been set at 15%. The impact of increasing global inflation on claims costs as the main reason for the increase. The Gothenburg-based mutual is the last of the 13 members of ...
Continue ReadingUnbudgeted supplementary calls and 10% GI for Japan P&I at 2023 renewal
There will be a 10% general increase in mutual premium rates for Owners’ P&I and FD&D and charterers’ entries. In addition, Members’ rates will be adjusted as appropriate to reflect their individual claims record, as well as any changes in the cost of the International Group’s reinsurance programme. The Board of the Club has also decided to levy unbudgeted supplementary ...
Continue ReadingNorth of England declares 10% for 2023
The North have declared a 10% increase in premium rates at the forthcoming renewal for P& I Class and 15% on FD&D class. Members with adverse loss records will therefore have their rates and terms adjusted in excess of these minimum requirements, and adjustments to the IG reinsurance programme will be passed on to Members as usual. In order to ...
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