North 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 ...
Continue ReadingStandard Club announces 10% GI for 2023 renewal
The Club has announced that it is seeking a 10% General Increase on P&I and Defense class premium rates for the 2023/24 policy year. The management will carry out analysis of individual owners’/members’ rating adequacy, terms and deductibles along with historical and forecast claims exposures, and additional contributions will be sought from owners/members with adverse records. The club’s investment portfolio, ...
Continue ReadingNo GI set for 2023 renewal by London P&I
No general increase is set for P&I and FD&D renewals by London P&I. The renewal terms will be based on individual Member loss records and risk profiles incorporating the anticipated impact of inflation on future claims costs. . The Board has instructed Management to pay particular attention to the adequacy of all fleet rating and deductible levels so that an ...
Continue ReadingAnother round of supplementary calls and 10% Overall increase in 2023 for American Club Membership
The Club has announced that in order to address the negative development of 2021 Policy year re pool claims and retained exposure, they will levy a 30% unbudgeted supplementary call on 2021 P&I premium, to be collected in October 2023 and January 2024. Furthermore the Club has decided not to have any standardized, or general increase for year 2023. Instead, ...
Continue ReadingWest of England announces 10% GI for 2023
The Board recognizes the premium for previous year remains insufficient to meet current and expected future claims costs, especially having in mind the potential impacts of high global inflation. Therefore, West P&I has announced General Increase of 10% on mutual P&I premium and 15% on mutual FD&D premium. For Members whose records are adverse, additional action will be taken where ...
Continue ReadingBritannia targets 10% overall increase at 2023 renewal
In the club’s meeting on 25th October, the Club decided to continue with its approach of adjusting individual member’ rates based on their individual claims record and risk profile, rather than announcing a general rate increase. However, Britannia will look to achieve an overall increase of 10% in the ETC for the year 2023/24 policy year before any group excess ...
Continue ReadingS&P downgrades Swedish Club and West P&I Clubs to BBB+ as investment income slumps
S&P Global ratings has downgraded financial strength rating of West of England P & I Club and Swedish Club due to negative investment returns. The move reflects the impact turmoil in the equity and bond markets is having on the financial strength of P & I clubs. After three years of record Pool claims, no Pool claims have been submitted ...
Continue ReadingSteamship Mutual P&I Club announces 7.5% increase for 2023
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 ...
Continue ReadingStandard and North P&I Clubs announce merger talks
The Standard P&I Club and the North P&I Club have announced that they are finalizing the legal, transactional and operational elements for the proposed merger. Latitude Brokers spoke to the Standard Asia today, and can share some further information. The merger will be submitted to Members’ vote on 27th May 2022, after which the Clubs expect to complete the regulatory ...
Continue ReadingNorth of England declares 15% increase for 2022
The Club has declared a 15% General Increase on rates at 2022 renewal, which they are breaking down in two parts: 7.5% to address the rising costs of the Club’s contribution to Pool claims and 7.5% to address the underwriting deficit. In addition, Members’ individual records will be assessed and their Terms and Conditions adjusted as necessary. All deductibles below ...
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