Gard to seek modest increase on 2021 P&I premium
Gard has announced that they will be seeking individual increases on P&I entries, instead of a General Increase, to progress towards their 102.5% Combined Ratio objective for 2021. The Club has also confirmed that they will not be calling the full premium for 2019, and instead grant a 5% reduction on the ETC for this year. Release calls for open ...
Continue ReadingAnother capital distribution from Britannia
As announced last year, the Club is not applying General Increase anymore, however following the Board meeting last week, Britannia has advised that they will be seeking to increase the Club’s current ETC levels for 2021 renewal, by way of reviewing Member’s individual record, with any adjustment in the IG Reinsurance programme cost being passed on to Members. Minimum P&I ...
Continue ReadingSwedish Club announces 5% GI
The last Club to announce, the Swedish Club, has now joined the pack of Clubs seeking GI for 2020 P&I renewals, albeit at a slightly lower level than the majority, with a 5% General Increase. The Club will also address premium adequacy by reviewing loss records individually. No General Increase will be applicable on FD&D entries. Release Calls are set ...
Continue ReadingJapan P&I Club seeks 7.5% GI for 2020
In line with the majority of the Clubs, the Japan P&I Club has now announced that there will be a 7.5% increase in advance call rates for P&I entry. The Club still charges annual premiums based on Advance calls and estimated supplementary call set at 40% of advance call. Release calls are set as follows: 2017: 5% 2018: 10.5% 2019: ...
Continue Reading5% GI from Shipowners P&I Club for 2020
Since 2014, the SOP has applied Nil General Increase on Mutual premiums but for 2020 renewal, they have announced they will apply a 5% General Increase. The Club will absorb any adjustment in premium for the International Group excess of loss programme. Records will be reviewed individually however for adequate deductible and premium adjustments. Details of the Club’s position are ...
Continue ReadingWest of England announces 2.5% GI for 2020
The Club’s Board has decided to implement a 2.5% General Increase on P&I mutual rates for 2020 policy year, and will further adjust rates and deductibles for entries with adverse loss records. No General Increase will be applied on FD&D and Charterers Liability entries. The release call for 2020 is fixed at 15% for both P&I and FD&D. The Club’s ...
Continue ReadingSkuld renewal update for 2020/21
Pursuing from their position since 2011, Skuld is not applying General Increase anymore, and renewal terms for 2020 will be solely based on individual Members’ records and performance. However the Club has indicated that some rate adjustments will be necessary, and all deductibles below USD25,000 will be increased by USD2,500 and RDC/FFO deductibles will increase to USD50,000. The Club is ...
Continue ReadingLondon P&I Club set GI at 7.5% for 2020
The Club’s Board has set the General Increase at 7.5% for renewals of their P&I and FD&D classes in February 2020. Deductible levels will also be reviewed individually. Release calls are updated as follows: 2017/18: 5% for P&I and FD&D 2018/19: 12.5% for P&I and FD&D 2019/20: 15.0% for P&I and FD&D 2020/21: 15.0% for P&I and FD&D Full details ...
Continue ReadingUK 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 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 ...
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