Skuld update for 2021 renewal
Skuld’s objective for 2021 renewal is to improve the mutual underwriting performance, and the Club has confirmed that as per the past 10 years, they will review entries individually to ensure sustainability of the Members’ portfolio. Release calls are set as follows: 2018/19: 7.5% 2019/20: 10% 2020/21: 15% 2021/22: 15% Full details of Skuld renewal update is available in their ...
Continue ReadingGard to seek modest increase on 2021 P&I premium
Gard has announced that they will be seeking individual increases on P&I entries, instead of a General Increase, to progress towards their 102.5% Combined Ratio objective for 2021. The Club has also confirmed that they will not be calling the full premium for 2019, and instead grant a 5% reduction on the ETC for this year. In addition the Club ...
Continue ReadingStandard Club sets GI at 10% for 2021
The Board of the Standard Club has set the General Increase at 10% of Members’ P&I premium for 2021, but also specified that for Members with adverse records, the further adjustment to address individual performance and inadequate level of premium could be significant. No General increase will apply on the FD&D Class. Release calls set earlier this year remain unchanged: ...
Continue ReadingAnother capital distribution from Britannia
As announced last year, the Club is not applying General Increase anymore, however following the Board meeting last week, Britannia has advised that they will be seeking to increase the Club’s current ETC levels for 2021 renewal, by way of reviewing Member’s individual record, with any adjustment in the IG Reinsurance programme cost being passed on to Members. Minimum P&I ...
Continue ReadingWest of England announces 7.5% GI for 2021
The Club’s Board has decided to implement a 7.5% General Increase on P&I and FD&D mutual rates for 2021 policy year, and will further adjust rates for entries with adverse loss records. Standard P&I deductibles will be set at USD14,000, with deductibles below this level increased by USD2,500, but no change to FD&D standard deductible. Mutual rates will be adjusted ...
Continue ReadingSteamship sets 2021 General Increase at 5%
The Steamship Mutual has announced their General Increase for 2021/22, set at 5% for P&I and FD&D. In addition, standard FD&D deductible will be increased to USD7,500 with USD50,000 cap, and abatement layer is revised to USD3.5 million (from USD1.8 million) with no coinsurance. The rates will be further corrected as per Member’s individual exposure and adjusted once the costs ...
Continue ReadingSwedish Club announces 5% GI
The last Club to announce, the Swedish Club, has now joined the pack of Clubs seeking GI for 2020 P&I renewals, albeit at a slightly lower level than the majority, with a 5% General Increase. The Club will also address premium adequacy by reviewing loss records individually. No General Increase will be applicable on FD&D entries. Release Calls are set ...
Continue ReadingJapan P&I Club seeks 7.5% GI for 2020
In line with the majority of the Clubs, the Japan P&I Club has now announced that there will be a 7.5% increase in advance call rates for P&I entry. The Club still charges annual premiums based on Advance calls and estimated supplementary call set at 40% of advance call. Release calls are set as follows: 2017: 5% 2018: 10.5% 2019: ...
Continue Reading5% GI from Shipowners P&I Club for 2020
Since 2014, the SOP has applied Nil General Increase on Mutual premiums but for 2020 renewal, they have announced they will apply a 5% General Increase. The Club will absorb any adjustment in premium for the International Group excess of loss programme. Records will be reviewed individually however for adequate deductible and premium adjustments. Details of the Club’s position are ...
Continue ReadingWest of England announces 2.5% GI for 2020
The Club’s Board has decided to implement a 2.5% General Increase on P&I mutual rates for 2020 policy year, and will further adjust rates and deductibles for entries with adverse loss records. No General Increase will be applied on FD&D and Charterers Liability entries. The release call for 2020 is fixed at 15% for both P&I and FD&D. The Club’s ...
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