Gard announces nil General increase for 2019
Gard has announced there will be no General Increase for both P&I and FD&D entries at 20th February 2019. There will be no change in deductibles for either class. The management has pointed to a continued, stable claims environment and an improvement in Gard’s back year claims as the reasons behind its decision, notwithstanding its free reserves have also risen ...
Continue ReadingLondon P&I Club announces nil General Increase for 2019
The London Club has announced a nil General Increase for the 2019/20 policy year with any change in the Group reinsurance costs being passed onto the membership. There will be no change in the standard deductibles on a club wide basis however individual member’s deductibles will be scrutinized. This absence of a General Increase also applies to the Club’s Defence ...
Continue ReadingUK Club announces nil General Increase for 2019
The UK Club has announced a nil General Increase with no change in standard deductibles which remain at USD12,000. As usual any change in the Group reinsurance costs will be passed onto the membership. This decision comes despite a increase in claims costs year to date and a combined ratio of 107% for the first 6 months of the 2018/19 ...
Continue ReadingWest of England P&I announces 5% general increase for 2019
West announces 5% general increase, citing increased “higher cost claims” and investment volatility. The West of England’s free reserves are forecast to fall for the first time in a number of years to a little under USD 300 million, following an increased frequency of higher cost claims which, compounded by continued volatility in the financial markets, have shown current premium ...
Continue ReadingBritannia P&I Club announces nil General Increase for 2019/20
The Britannia P&I Club, managed by Tindall Riley & Co, has announced it will be seeking a nil General Increase for 2019/20 year, with any changes of the International Group Reinsurance costs being passed on to Members in the usual way. The Club will also be seeking to increase minimum deductibles as follows: 2018 2019 Cargo USD12,500 USD14,000 Crew USD3,000 ...
Continue ReadingTHE JOINT WAR COMMITTEE ISSUES HULL WAR LISTED AREAS, 14 June 2018
Further to our blog in December 2015, the Joint War Committee in London has released the latest War Listed Area – JWLA-023 14 June 2018 – applicable to Hull War, Piracy, Terrorism and Related Perils. The only change has been to delete Jakarta from the Listed Areas, with all other areas remaining the same. Whilst it is customary for underwriters to issue ...
Continue ReadingJapan P&I Club announces nil General Increase for 2018/19
At their board meeting on 30th November 2017, it was decided that the Japan P&I Club will not impose any General Increase on the Advance Calls for 2018 renewal. Entries will be reviewed and adjusted as necessary depending on their claims performance, and also depending on changes in the GXL costs. The 2018 Supplementary call is set at 40%. In ...
Continue ReadingShipowners’ P&I Club announces nil General Increase for 2018/9
The Shipowners’ P&I Club announced they will be seeking a nil General Increase for 2018/9 and no change in standard deductibles. Uniquely among the IG, because of the profile of their tonnage in the small ships segment, they will absorb any changes in the International Group Excess of Loss Reinsurance programme. The full circular can be found here.
Continue ReadingCyber Risks – Shipping needs a new Policy wording
We were invited to present to the 5th Asia Marine Insurance Conference in Hong Kong during Hong Kong Maritime Week on Cyber Risks in Shipping. Cyber Risks Presentation to Asia Marine Insurance Conference, November 2017 We took the opportunity to invite the audience of insurers to create a marine cyber product, focused on the shipping market. We believe operators need a ...
Continue ReadingAmerican Club announces nil General Increase for 2018/9
The American Club has announced they will be seeking a nil General Increase for the 2018/9 year across both P&I and FD&D classes. There will be no change to standard deductibles and the open years/Release Calls have been updated as follows: 2015/6 – 5% 2016/7 – 15% 2017/8 – 20% 2018/9 – 20% The full Club circular can be found ...
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