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 ...
Continue ReadingLondon Club target 12.5% increase in P&I rates
Further to their previous announcement to levy Supplementary calls on the last 3 years, the Club has announced that they will not be setting a General Increase for 2022 renewal, but rates and deductibles will be adjusted individually with the overall goal of achieving 12.5% increase in P&I and FD&D rates. Any change in the costs of the IG excess ...
Continue ReadingLondon P&I Club levies Supplementary calls
The Club’s Board has decided to call for unbudgeted supplementary calls on the last 3 open policy years (2019, 2020 and 2021) in order to address the underwriting deficit, which have resulted in combined loss ratios of 137% in 2019/20 and 136.7% in 2020/21. This is the first time since 2008 that the London Club raises Supplementary calls. The Club ...
Continue ReadingLondon P&I Club set General Increase at 10% for 2021
The Club’s Board has set the General Increase at 10% for renewals of their P&I and FD&D classes in February 2021, and will review individual entries for further adjustment as necessary. All P&I deductible will increase by at least USD2,000, and more depending on individual records. Release calls are updated as follows: 2018/19: 5% for P&I and FD&D 2019/20: 12.5% ...
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 ...
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