West of England announces 10% GI for 2023
The Board recognizes the premium for previous year remains insufficient to meet current and expected future claims costs, especially having in mind the potential impacts of high global inflation. Therefore, West P&I has announced General Increase of 10% on mutual P&I premium and 15% on mutual FD&D premium. For Members whose records are adverse, additional action will be taken where ...
Continue ReadingSOP to apply 10% General Increase to Yacht and increases on Dry Cargo for 2023
Following a few years of General Increase and positive Underwriting results, the Club has announced that they will take a differentiated approach across the Membership with regards to 2023 renewal, reflecting sector-specific claims trends: the Club will not seek a General Increase across all entries, but have announced that a 10% General Increase will be applied to Yacht and increases ...
Continue ReadingUK P&I Club calls for 10% GI for 2023 renewal
The Board of the Club has set the general increase for 2023 renewal at 10% on all mutual premium rates, with Members with adverse claims record to expect higher increases. The standard deductible will remain at USD15,000, but again Members with adverse claims may see the upwards adjustment to their deductibles. Any change in the cost of the IG reinsurance ...
Continue ReadingGard confirms Owner’s General Discount for 2023
Following the Club’s interim results as at 20 August 2022, the Club has advised of satisfactory underwriting results with 85% Combined Ratio Net, but as other Clubs disappointing investment performance. The Club’s overall financial position remains very strong, and therefore they have confirmed the 5% Owner’s General Discount on 2023 ETC. At the same time, the focus on balanced underwriting ...
Continue ReadingBritannia targets 10% overall increase at 2023 renewal
In the club’s meeting on 25th October, the Club decided to continue with its approach of adjusting individual member’ rates based on their individual claims record and risk profile, rather than announcing a general rate increase. However, Britannia will look to achieve an overall increase of 10% in the ETC for the year 2023/24 policy year before any group excess ...
Continue ReadingSteamship Mutual P&I Club announces 7.5% increase for 2023
The club has declared a 7.5% General Increase on the rates across all classes of business for the policy year 2022-2023. The board also ordered a 10% increase in P&I deductibles to apply to all deductibles which are US$ 50,000 or less. In policy year 2022/23 up to September, the club’s own incurred claims are less than budget expectations at ...
Continue ReadingAt a Glance – 2022/2023 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 – 12.5% GI ...
Continue ReadingSwedish Club announces 12.5% GI for 2022
The last IG Club to announce their position for 2022 P&I renewal, the Swedish Club has now advised that they are seeking a 12.5% General Increase for 2022. The Circular is not yet available but the Press release is available here.
Continue ReadingNorth of England declares 15% increase for 2022
The Club has declared a 15% General Increase on rates at 2022 renewal, which they are breaking down in two parts: 7.5% to address the rising costs of the Club’s contribution to Pool claims and 7.5% to address the underwriting deficit. In addition, Members’ individual records will be assessed and their Terms and Conditions adjusted as necessary. All deductibles below ...
Continue ReadingThe American P&I Club announces 12.5% GI for 2022 and more supplementary calls
Following the Club’s Circular dated 25 June 2021 on Annual Report and Accounts for 2020, the Board has determined that the premium earned but unbilled (EBUB) for 2018 and 2019, should now be billed in the form of supplementary calls: 2018: 15% supplementary call on current ETP 2019: 35% supplementary call on current ETP With regards to 2020 Policy year, ...
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