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 programme will be passed on to the Members.

From 2023, Mutual premiums will be charged in 3 instalments instead of 4.

Release calls have been set as:

2020 policy year: 5%

2021 policy year: 10%

2022 policy year: 15%

2023 policy year: 20%

Full details of the Club’s position are available in their Circular 14/22.

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