UK P&I Club seeks 7.5% overall increase for 2020 policy year
The Board of the UK Club has decided to address the premium deficit by targeting a 7.5% premium increase overall, rather than by setting a General Increase. Each Member will be reviewed based on their risks exposure and current level of premiums, in order to achieve a 7.5% increase across the Club’s membership. In addition for 2020 policy, the standard ...
Continue ReadingStandard Club sets GI at 7.5% for 2020
The Board of the Standard Club has re-affirmed their commitment to the concept of General Increase and as set a 7.5% GI on Members’ P&I ETP for 2020, with 10% increase on deductibles, or USD2,000 whichever is the highest. FD&D will also see an uplift of 7.5% as GI for February 2020 renewal. 2018/19 and 2019/20 ETP remain unchanged, as ...
Continue ReadingSteamship Mutual announces 7.5% GI for 2020
The Steamship Mutual has announced their General Increase for 2020/21, set at 7.5% for P&I and FD&D, with an uplift of USD2,000 in lower level P&I deductibles. At the same time, the Club has also decided to return 7.5% of 2019/2020 mutual P&I premium to their Members, for vessels renewing in 2020. This represents around USD17 million capital redistribution. Release ...
Continue ReadingBritannia P&I Club quash GI from 2020
As Britannia is opening the round of P&I announcements for 2020/21 renewals, the Club has decided to follow in the footstep of Skuld and to not seek General Increase across their membership anymore, starting from 20 February 2020 for both P&I and FD&D. Rates will be reviewed and adjusted based on each Member’s individual record only, with any adjustment in ...
Continue ReadingAt a Glance – 2019/20 P&I General Increase
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 use for real time data comparison: American Club – 0% for ...
Continue ReadingJapan P&I Club confirms Nil General Increase
The Japan P&I Club has decided that no general increase will be applied on P&I and FD&D entries, and that premium will be adjusted according to their individual loss record. Release calls and supplementary calls for the open policy years are updated as follows: 2016/17: 5% release call, no further supplementary call 2017/18: 5% release call, 40% estimated supplementary call ...
Continue ReadingThe Swedish Club announces Nil General Increase for 2019 renewal
The Club’s board anticipates the current underwriting year to be in balance and therefore to continue supporting their Members, they have advised that no general increase will be sought for 2019 P&I renewal. They want to ensure however that premiums are commensurate with exposure, and therefore Members’ premium will be adjusted according to individual exposure. The Club’s release calls remain ...
Continue ReadingShipowners P&I Club announces Nil General Increase for 2019
The Shipowners P&I Club will rely on its strong financial position to subsidize the anticipated small Underwriting deficit for 2018, and therefore no General Increase will be applied for 2019 renewal. In addition, as per usual the Club will absorb any change to the costs of the GXL programme. At present the Club does not charge release calls. The Club’s ...
Continue ReadingSkuld renewal update 2019/20
Pursuing from their position since 2011, Skuld is not applying General Increase anymore, and renewal terms for 2019 will be solely based on individual Members’ records and performance. The Club is not changing their standard deductibles. Release calls are set as follows: 2016/17: 3% 2017/18: 7.5% 2018/19: 15% 2019/20: 15% Full details of Skuld renewal update is available in their ...
Continue ReadingNorth of England will not seek General Increase for 2019
The North of England P&I Club’s board of Directors have decided to not declare a general increase in P&I and FD&D premium for 2019 renewals. The Club will however undertake review of individual records and ratings to halt the ongoing decrease in ratings. Deductibles below USD25,000 for P&I Class will be increased by at least USD1,000 per deductible. FD&D deductible ...
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