American Club target 7.5% premium increase on P&I and FDD and call for further unbudgeted supplementary calls for the 2020 and 2021 policy years.
The American Club have highlighted Geopolitical tensions, macroeconomic uncertainty, social inflation and volatile investment and commodity markets as concerns at the 2024/25 renewal. With that in mind the combined ratio has improved in relation to previous years at 95% for the policy year to November 2023. Investment returns have been anemic meaning that the Club’s free reserves will not have ...
Continue ReadingSwedish Club apply 7.5% General Increase for 2024/25 Policy Year
The Swedish Club have echoed general Club sentiment that over the past 12 months there has been inflationary pressure, volatile investment returns and geopolitical uncertainty. As a result they have opted to apply a 7.5% general increase to expiring P&I and FD&D premiums. Any changes to the General Excess of Loss program will be applied on top of this increase. ...
Continue ReadingUK Club opts for a 7.5% General Increase
Following the Board’s financial review of the Club they have opted to apply a 7.5% general increase to all expiring mutual premium rates from 20 February 2024. This is not inclusive of any changes to the International Group Excess of Loss program which will be passed on to the mutual Members. The Club have also announced increases to deductibles with ...
Continue ReadingJapan P&I Club announces 7.5% General Increase for Mutual owned entries
Japan P&I Club have thanked their Membership for their support during the challenging 2023 renewal year whilst providing an update on the Club’s improved finances. Like other Clubs, Japan P&I have highlighted the difficulties encountered through increasing claims costs as well as the Russia Ukraine war. As a result the Club have announced a 7.5% general increase to apply to ...
Continue ReadingSkuld aims at a 5% increase on ETC for 2024 Policy year
The Board of Directors have highlighted the positive impact of the Club’s growth strategy on premium income, the absence of large claims and therefore continue to expect positive underwriting results. However in view of inflation and volatility in the investment markets, the Club is targeting a 5% increase on Estimated Total Call for 2024, based on assessment and adjustment of ...
Continue ReadingNorthStandard announces 5% General Increase for first renewal post merger
The Board of the newly formed NorthStandard have advised that whilst the Club performances in terms of claims and investment are as per projections, external factors such as geopolitical instability and inflation continue to require some adjustment in premium levels to preserve the Club’s financial position. The Club has therefore declared a 5% General Increase in premium rates for 2024 ...
Continue ReadingLondon Club targets an overall increase of 7.5% for 2024
With income and tonnage growth in 2023/2024 as projected, a better than expected combined ratio in August, and breakeven year to date investment result, the Club will continue to take a prudent approach to address inflation in claims and operating costs. The Club has therefore decided that they will not set a general increase, but advised that they are targeting ...
Continue ReadingWest of England announces 7.5% General increase on P&I for 2024
Notwithstanding the Club’s strong performance this year, the Board acknowledged that increase in premium is still necessary to meet the inflationary costs of claims in order to achieve underwriting balance. As a result, the Board has announced as follows: Notwithstanding the above, the Club will review individual risk profiles to determine any further adjustment required. As per usual practice, any ...
Continue ReadingBritannia targets 7.5% increase on P&I premium for 2024 and return USD10 million to Members
Further to the Club’s board meeting end of October, Britannia has now announced their position regarding 20 Feb 2024 renewal: In addition to the above, the Board has agreed a capital distribution of USD10 million to mutual P&I Members with vessels on risk as at 24 October 2023 (midnight). The return for each members will be computed based on each ...
Continue ReadingGard returns 10% as OGD and announces 5% GI for 2024 renewal
The Club’s Board has decided: As per usual practice, the Club will also review individual Members performance for adjustments as necessary, and any adjustment to the Club’s excess of loss reinsurance programme will be passed on to Members at costs. Release calls have been approved as follows: 2021: 5% 2022: 5% 2023: 10% 2024: 10% Full details of the Board’s ...
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