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:

  • 7.5% General Increase on P&I rates
  • 10% increase on deductibles below USD50,000
  • 5% General Increase on FD&D premium

Notwithstanding the above, the Club will review individual risk profiles to determine any further adjustment required. As per usual practice, any changes in the costs of the IG reinsurance programme will be passed on to the Members.

No General Increase has been set for non mutual covers.

Release Calls are confirmed as follows:

2021/22: 10% of ETC on P&I and FD&D

2022/23: 15% of ETC on P&I and FD&D

2023/24: 15% of ETC on P&I and FD&D

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