General Increase Archives - Page 3 of 16

NorthStandard 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 ...

London 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 ...

West 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 ...

Britannia 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 ...

Gard 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 ...

Shipowners P&I Club announces 5% GI for 2024 renewals

The Club’s Board has decided that a 5% General Increase should be applied for 2024, in order to address the rising costs of claims due to inflation. The increase will not apply to the Yacht sector, who faced a 10% Increase at 2023 renewal. The Club will as usual review individual Members risk profile and performance to further adjust premium ...

Steamship announces 5% GI for 2024 renewal and Capital distribution to Members

The Steamship Mutual is the first to announce their position for 2024 renewal, with a 5% General Increase across all classes of business for 2024-2025. As per usual practice, any adjustment to the IG reinsurance programme will be passed on to Members, and individual performance will also be considered for further rating adjustment. With tonnage, loss ratio and investment return ...

At a glance – 2023/2024 P&I Renewals

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 for real time data comparison, use American Club – target minimum ...

Swedish Club opts for 10% as P&I clubs wrap up 2023 general increases

In recognition of the need to maintain a balanced approach, the Board of The Swedish Club decided to set a 10% P&I General Increase for 2023. The FD&D General Increase has been set at 15%. The impact of increasing global inflation on claims costs as the main reason for the increase. The Gothenburg-based mutual is the last of the 13 members of ...

Unbudgeted supplementary calls and 10% GI for Japan P&I at 2023 renewal

There will be a 10% general increase in mutual premium rates for Owners’ P&I and FD&D and charterers’ entries. In addition, Members’ rates will be adjusted as appropriate to reflect their individual claims record, as well as any changes in the cost of the International Group’s reinsurance programme. The Board of the Club has also decided to levy unbudgeted supplementary ...