Another round of supplementary calls and 10% Overall increase in 2023 for American Club Membership
The Club has announced that in order to address the negative development of 2021 Policy year re pool claims and retained exposure, they will levy a 30% unbudgeted supplementary call on 2021 P&I premium, to be collected in October 2023 and January 2024. Furthermore the Club has decided not to have any standardized, or general increase for year 2023. Instead, ...
Continue ReadingSkuld targets 10% overall premium increase for 2023
The Board of directors have acknowledged that notwithstanding the benign large claims environment this year, the technical result for the mutual products remain negative. The combined ratio on an operational level for all products is positive at the half year stage, and the efforts to improve the performance of the mutual portfolio need to be sustained, particularly as the Clubs ...
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 ReadingLatitude Brokers speaks to CNN on the Jumbo restaurant debacle
Latitude’s offices in Hong Kong overlooked the Jumbo restaurant in the Aberdeen typhoon shelter until it was towed away on 14 June to meet its fateful demise in the middle of the South China Sea, leaving the upturn grim kitchen barge behind. Much consternation ensued amongst our team and in Hong Kong, and our very own Andrew Brooker was invited ...
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 ReadingStandard Club announces 12.5% GI for 2022
The Club will pursue its strategy towards sustainable underwriting results, and have therefore announced a 12.5% General increase on Members’ P&I and FD&D rates for 2022 Policy year, as well as 10% increase of all P&I deductibles, subject to a minimum increase on crew and cargo deductibles of USD2,500 and on collision and FFO of USD7,500. Entries will be reviewed ...
Continue ReadingSkuld will seek minimum 10% increase on P&I and FD&D for 2022 renewal
Skuld’s Board has set out that a minimum 10% market adjustment, irrespective of Members performance, will be necessary on P&I and FD&D mutual entries to address the significant increase in pool and large claims as well as attritional claims due to Covid. Members with challenging claims record will face additional adjustment. As usual any change in the costs of the ...
Continue ReadingBritannia Total Calls target increase 12.5% for 2022, with further Capital Redistribution
The Club’s Board met on 19 October 2021, and as per last year, whilst they are not setting a general increase, their stated target is to increase Total Calls for 2022 by 12.5%. In order to achieve this objective, they will review and underwrite each Member based on their individual performance and exposure. Any change in the cost of the ...
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