Skuld aims at a 5% increase on ETC for 2024 Policy year
The Board of Directors have highlighted the positive impact of the Club’s growth strategy on premium income, the absence of large claims and therefore continue to expect positive underwriting results. However in view of inflation and volatility in the investment markets, the Club is targeting a 5% increase on Estimated Total Call for 2024, based on assessment and adjustment of ...
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 ReadingSkuld update for 2021 renewal
Skuld’s objective for 2021 renewal is to improve the mutual underwriting performance, and the Club has confirmed that as per the past 10 years, they will review entries individually to ensure sustainability of the Members’ portfolio. Release calls are set as follows: 2018/19: 7.5% 2019/20: 10% 2020/21: 15% 2021/22: 15% Full details of Skuld renewal update is available in their ...
Continue ReadingSkuld renewal update for 2020/21
Pursuing from their position since 2011, Skuld is not applying General Increase anymore, and renewal terms for 2020 will be solely based on individual Members’ records and performance. However the Club has indicated that some rate adjustments will be necessary, and all deductibles below USD25,000 will be increased by USD2,500 and RDC/FFO deductibles will increase to USD50,000. The Club is ...
Continue ReadingSkuld renewal update 2019/20
Pursuing from their position since 2011, Skuld is not applying General Increase anymore, and renewal terms for 2019 will be solely based on individual Members’ records and performance. The Club is not changing their standard deductibles. Release calls are set as follows: 2016/17: 3% 2017/18: 7.5% 2018/19: 15% 2019/20: 15% Full details of Skuld renewal update is available in their ...
Continue ReadingSkuld renewal update 2018/9
Skuld, which abandoned seeking General Increases in 2011, has issued their renewal update for the 2018/9 policy year. There will be no change to the standard deductibles and the Release Calls have been updated as follows for the open years: 2015/6 – 3% 2016/7 – 7.5% 2017/8 – 15% 2018/9 – 15% The full circular can be found here.
Continue ReadingAt a glance – IG Club General Increases for 2017
The following is solely in respect of the Mutual P&I entries and excludes FD&D, fixed premium entries and charterer’s liability. The headline General Increase numbers are as follows and will be updated as each Club announces – click on each Club’s link to see the full GI announcement or use for real time data comparison: American Club – 0% for ...
Continue ReadingNil General Increase for SOP whilst Skuld confirms Return Premium and Steamship is considering
The Shipowners P&I Club has just opened the ‘General Increase announcement’ season by releasing their half-year financial results, which shows an increase in the Club’s free reserves to USD291.2 million as at 30 June 2016. Last year, the Club announced that they will change their financial year from 20th February to 31st December, and after reporting free reserves as at ...
Continue ReadingSkuld 2016/7 Renewal Update announced
Skuld will continue to underwrite their 2016/7 policy renewals based on individual Member’s records rather than announcing a General Increase, so their announcement is different to other IG Clubs. They will pass on any changes in the IG GXL Reinsurance costs to Members when they are finalized. However, Skuld have announced their mutual Members will receive a guaranteed premium credit equivalent ...
Continue ReadingOverview of 2016 IG P&I Club General Increases (Final)
The following is solely in respect of the Mutual P&I entries and excludes FD&D, fixed premium entries and charterer’s liability. The headline General Increase numbers are as follows and will be updated as each Club announces: American Club – 2.5% Britannia – 2.5% Gard – 2.5% Japan – 3% London – 5% North of England – 2.5% Shipowners – 0% Skuld – (not applicable) ...
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