Britannia 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 ...
Continue ReadingThe American P&I Club announces 12.5% GI for 2022 and more supplementary calls
Following the Club’s Circular dated 25 June 2021 on Annual Report and Accounts for 2020, the Board has determined that the premium earned but unbilled (EBUB) for 2018 and 2019, should now be billed in the form of supplementary calls: 2018: 15% supplementary call on current ETP 2019: 35% supplementary call on current ETP With regards to 2020 Policy year, ...
Continue ReadingJapan P&I Club announces 10% GI for 2022
The Japan P&I Club has announced 10% General increase on P&I Advance Call rates and FD&D premiums for 2022 renewal, with estimated supplementary calls set at 40% for P&I and 20% for FD&D as per previous years. Charterers entries will also be subject to 10% General Increase in Premium. In addition Members’ rates will be adjusted according to their own ...
Continue ReadingStandard Club announces 12.5% GI for 2022
The Club will pursue its strategy towards sustainable underwriting results, and have therefore announced a 12.5% General increase on Members’ P&I and FD&D rates for 2022 Policy year, as well as 10% increase of all P&I deductibles, subject to a minimum increase on crew and cargo deductibles of USD2,500 and on collision and FFO of USD7,500. Entries will be reviewed ...
Continue ReadingShipowners P&I Club seeks 5% GI for 2022
The Shipowners P&I Club has announced 5% General Increase in Premiums for 2022 renewal, in line with last year’s position. Members with adverse records will face risk specific adjustments but as per previous years, the Club will continue to absorb any change in the IG GXL reinsurance programme, notwithstanding the significant increase anticipated. The Club is maintaining its approach of ...
Continue ReadingLondon Club target 12.5% increase in P&I rates
Further to their previous announcement to levy Supplementary calls on the last 3 years, the Club has announced that they will not be setting a General Increase for 2022 renewal, but rates and deductibles will be adjusted individually with the overall goal of achieving 12.5% increase in P&I and FD&D rates. Any change in the costs of the IG excess ...
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