West of England announces 7.5% General increase on P&I for 2024
Notwithstanding the Club’s strong performance this year, the Board acknowledged that increase in premium is still necessary to meet the inflationary costs of claims in order to achieve underwriting balance. As a result, the Board has announced as follows: Notwithstanding the above, the Club will review individual risk profiles to determine any further adjustment required. As per usual practice, any ...
Continue ReadingSteamship Mutual P&I Club announces 7.5% increase for 2023
The club has declared a 7.5% General Increase on the rates across all classes of business for the policy year 2022-2023. The board also ordered a 10% increase in P&I deductibles to apply to all deductibles which are US$ 50,000 or less. In policy year 2022/23 up to September, the club’s own incurred claims are less than budget expectations at ...
Continue ReadingNorth of England declares 15% increase for 2022
The Club has declared a 15% General Increase on rates at 2022 renewal, which they are breaking down in two parts: 7.5% to address the rising costs of the Club’s contribution to Pool claims and 7.5% to address the underwriting deficit. In addition, Members’ individual records will be assessed and their Terms and Conditions adjusted as necessary. All deductibles below ...
Continue ReadingGard will seek premium increases but no GI
Gard has determined that whilst P&I premiums will have to be increased for 2022 policy year, they will not apply a General Increase at 20 February, but instead they will adjust individual rates based on risk and claim performance. Notwithstanding the increase, the Club will provide a 5% Owners’ General Discount on the thus agreed 2022 ETC. Any increase in ...
Continue ReadingJapan P&I Club announces 10% GI for 2022
The Japan P&I Club has announced 10% General increase on P&I Advance Call rates and FD&D premiums for 2022 renewal, with estimated supplementary calls set at 40% for P&I and 20% for FD&D as per previous years. Charterers entries will also be subject to 10% General Increase in Premium. In addition Members’ rates will be adjusted according to their own ...
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 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 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 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 ReadingJapan P&I Club set 10% GI for 2021
The Board has decided on a 10% General Increase on the Advance Call for 2021 renewal, with estimated supplementary call set at 40% of Advance Call. Rates will be also adjusted according to individual entries performance, and any change in the cost of the IG reinsurance programme. In addition the Club will be increasing deductibles as follows: Crew from USD3,000 ...
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