Skuld will seek minimum 10% increase on P&I and FD&D for 2022 renewal
Skuld’s Board has set out that a minimum 10% market adjustment, irrespective of Members performance, will be necessary on P&I and FD&D mutual entries to address the significant increase in pool and large claims as well as attritional claims due to Covid. Members with challenging claims record will face additional adjustment. As usual any change in the costs of the ...
Continue ReadingSteamship Mutual announces 12.5% GI for 2022, and increases Release Calls for open years
Taking into account the Club’s underwriting results in excess of 100%, the Board has decided that a 12.5% General Increase will apply on all all classes of business, which would include P&I, FD&D and Charterers Liability. Individual Members rating will be also adjusted according to their performance and adjustment to the costs of the IG GXL programme will be passed ...
Continue ReadingBritannia Total Calls target increase 12.5% for 2022, with further Capital Redistribution
The Club’s Board met on 19 October 2021, and as per last year, whilst they are not setting a general increase, their stated target is to increase Total Calls for 2022 by 12.5%. In order to achieve this objective, they will review and underwrite each Member based on their individual performance and exposure. Any change in the cost of the ...
Continue ReadingWest of England opens GI announcements with 15% for 2022
At the meeting on 12 October, The Board of Directors have decided to take further actions to address the technical deficit and combined ratio expected to be in excess of 100% for this year again: they have accordingly announced a 15% General Increase on mutual P&I rates for 20 February 2022, with de-risking actions and further adjustments for Members with ...
Continue ReadingLondon P&I Club levies Supplementary calls
The Club’s Board has decided to call for unbudgeted supplementary calls on the last 3 open policy years (2019, 2020 and 2021) in order to address the underwriting deficit, which have resulted in combined loss ratios of 137% in 2019/20 and 136.7% in 2020/21. This is the first time since 2008 that the London Club raises Supplementary calls. The Club ...
Continue ReadingSwedish Club announces 5% GI for 2021
The last Club to announce, the Swedish Club has advised they will 5% General Increase for 2021 P&I renewal as per last year, and 10% for FD&D renewal The Club will also address premium and deductibles adequacy by reviewing loss records individually. Release Calls are set as follows: 2018/19: 5% (P&I) and 0% (FD&D) 2019/20: 12% (P&I) and 0% (FD&D) ...
Continue ReadingJapan P&I Club set 10% GI for 2021
The Board has decided on a 10% General Increase on the Advance Call for 2021 renewal, with estimated supplementary call set at 40% of Advance Call. Rates will be also adjusted according to individual entries performance, and any change in the cost of the IG reinsurance programme. In addition the Club will be increasing deductibles as follows: Crew from USD3,000 ...
Continue ReadingLondon P&I Club set General Increase at 10% for 2021
The Club’s Board has set the General Increase at 10% for renewals of their P&I and FD&D classes in February 2021, and will review individual entries for further adjustment as necessary. All P&I deductible will increase by at least USD2,000, and more depending on individual records. Release calls are updated as follows: 2018/19: 5% for P&I and FD&D 2019/20: 12.5% ...
Continue ReadingNorth of England announces 10% GI for 2021
The Club has announces the following remedial measures to address the declining premium levels: 10% General Increase on P&I premium Crew and other people related claims: Deductibles below USD25,000 to be increased by a minimum of USD2,500 Other Deductibles below USD25,000 to be increased by a minimum of USD1,000 5% General Increase on FD&D Premium Release calls (P&I and FD&D ...
Continue ReadingThe American Club announces 5% General Increase for 2021
The Board of the Club has set a 5% General Increase on P&I and FD&D premium for 2021, and will increase all deductibles as follows: deductibles of USD10,000 or less will be increased by USD1,000 other deductibles will be increased by 10%, maximum USD15,000 In addition, individual records will be assessed to further adjust premiums and deductibles as necessary, and ...
Continue Reading