Gard P&I Club 2016 General Increase announced
Gard has announced a 2.5% general increase on their Advanced Call, with the Deferred Call remaining at 25% for both P&I and FD&D. Any changes to IG Reinsurance costs will be charged in addition to the GI. In addition, deductibles below the standard deductibles set out in the Rules will be increased by USD1000. Release Call percentages for open P&I policy ...
Continue ReadingBritannia P&I Club General Increase 2016 announced
Britannia P&I Club, managed by Tindall Riley, has announced an 2.5% general increase on the Advance Call for the 2016 P&I renewal, with the Deferred Call remaining at 45%. Adjustments in ‘excess of loss’ reinsurance costs will continue to be passed on to the members although there will be no increase in the minimum deductibles required. In addition, the Club ...
Continue ReadingLondon P&I Club General Increase 2016 announced
A Bilbrough & Co, managers of the London P&I Club have announced a general increase of 5% on P&I and FD&D premium at the 2016 renewal. In addition, as per previous years, any change in the International Group reinsurance premium will be charged at cost to Members. The Club is increasing deductibles by USD2000 this year, after the same increase for deductibles below ...
Continue ReadingUK P&I Club General Increase 2016 announced
At their recent meeting the Directors of the UK P&I Club have agreed on a general increase of 2.5% on P&I premium at the 2016 renewal. In addition, as per previous years, any change in the International Group reinsurance premium will be charged at cost to Members. The Club is maintaining the standard deductible at USD10,000 with no change this year. ...
Continue ReadingReduction in the IG Excess Reinsurance Programme for 2015
Negotiations have been finalised for the International Group General Excess of Loss reinsurance contract and the favourable Pool claims experience for 2012, 2013 and 2014 policy years, have enabled the group to achieve rate reductions: minus 8.11% for clean and dirty tankers minus 6.05% for dry cargo vessels and no increase for passenger vessels and chartered entries. The Clubs apart from ...
Continue ReadingSwedish Club announces 2015 General Increase
The Swedish Club announced they will be seeking a 2.5% general increase for mutual P&I entries and a 5% increase for FD&D entries for the 2015 policy year. The Club will also increase crew P&I deductibles by USD1000 from 20 February 2015. The brief press release can be found here.
Continue ReadingJapan P&I Club 2015 General Increase announced
The Japan P&I Club has today announced their General Increase for the 2015 year, as follows: 1. Mutual P&I entries – the Club will apply a 3% increase to the Advanced Call, with the Supplementary Call remaining static at 40%; 2. Charterers entries – the Club will apply a 5% increase; 3. FD&D entries – the Club will not apply ...
Continue ReadingAll IG P&I Clubs 2015 General Increases – Highlights
The following is solely in respect of the Mutual P&I entries and excludes FD&D, fixed premium entries and charterer’s liability. Now that all Clubs have announced, the headline General Increase numbers are as follows: American Club – 4.5% * Britannia – 2.5% Gard – 2.5% Japan – 3% London – 6% * North of England – 4.75% * Shipowners – ...
Continue ReadingThe Strike Club announces 2015 General Increase
The Strike Club has announced its general increases for the 2015 year for the various Classes that it writes to owners and charterers, as follows: Mutual cover for Classes I and II (shore related risks) – 10% general increase with a 30% release call set for 2015 Mutual cover for Class III (ship related risks) – 5% general increase with ...
Continue ReadingSkuld P&I Club announces 2015 ‘Premium Structure’
As in recent years, Skuld’s position with regard to General Increases is unique within the IG in that they believe in adjusting each Member’s base premium upon a number of factors rather than a General Increase which is then adjusted for record. Those factors are as follows: i. statistical records taking into account claim costs, types of claim, claims trends as ...
Continue Reading