UK Club opts for a 7.5% General Increase
Following the Board’s financial review of the Club they have opted to apply a 7.5% general increase to all expiring mutual premium rates from 20 February 2024. This is not inclusive of any changes to the International Group Excess of Loss program which will be passed on to the mutual Members. The Club have also announced increases to deductibles with ...
Continue ReadingUK P&I Club calls for 10% GI for 2023 renewal
The Board of the Club has set the general increase for 2023 renewal at 10% on all mutual premium rates, with Members with adverse claims record to expect higher increases. The standard deductible will remain at USD15,000, but again Members with adverse claims may see the upwards adjustment to their deductibles. Any change in the cost of the IG reinsurance ...
Continue ReadingThe UK Club announces 10% GI for 2021
The Board of the UK Club has decided to set the General Increase for 2021 P&I entries at 10%, in order to address the premium deficit. Any change in the IG reinsurance costs will be passed on to Members as per usual. Release calls: 2018:5% 2019: 10% 2020: 15% 2021: 20% Full details of the Club’s circular is available on ...
Continue ReadingUK P&I Club seeks 7.5% overall increase for 2020 policy year
The Board of the UK Club has decided to address the premium deficit by targeting a 7.5% premium increase overall, rather than by setting a General Increase. Each Member will be reviewed based on their risks exposure and current level of premiums, in order to achieve a 7.5% increase across the Club’s membership. In addition for 2020 policy, the standard ...
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