Steamship Mutual announces 12.5% GI for 2022, and increases Release Calls for open years
Taking into account the Club’s underwriting results in excess of 100%, the Board has decided that a 12.5% General Increase will apply on all all classes of business, which would include P&I, FD&D and Charterers Liability. Individual Members rating will be also adjusted according to their performance and adjustment to the costs of the IG GXL programme will be passed ...
Continue ReadingUK P&I Club sets 2022 General Increase at 12.5%
The Boards of the Club have set a General Increase of 12.5% on P&I rates for 2022 renewal to address the underwriting deficit. In addition, the rates will be adjusted based on individual loss records, and to reflect any change in the International Group Reinsurance Programme. P&I Release calls are updated as follows: 2019: 5% 2020: 10% 2021: 15% 2022: ...
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 ...
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 ReadingWest of England announces 7.5% GI for 2021
The Club’s Board has decided to implement a 7.5% General Increase on P&I and FD&D mutual rates for 2021 policy year, and will further adjust rates for entries with adverse loss records. Standard P&I deductibles will be set at USD14,000, with deductibles below this level increased by USD2,500, but no change to FD&D standard deductible. Mutual rates will be adjusted ...
Continue ReadingSteamship sets 2021 General Increase at 5%
The Steamship Mutual has announced their General Increase for 2021/22, set at 5% for P&I and FD&D. In addition, standard FD&D deductible will be increased to USD7,500 with USD50,000 cap, and abatement layer is revised to USD3.5 million (from USD1.8 million) with no coinsurance. The rates will be further corrected as per Member’s individual exposure and adjusted once the costs ...
Continue ReadingBritannia P&I Club quash GI from 2020
As Britannia is opening the round of P&I announcements for 2020/21 renewals, the Club has decided to follow in the footstep of Skuld and to not seek General Increase across their membership anymore, starting from 20 February 2020 for both P&I and FD&D. Rates will be reviewed and adjusted based on each Member’s individual record only, with any adjustment in ...
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