P&I Clubs 2024 Financial Results Summary

Read the latest financial updates from the P&I Clubs as they become available.

The Protection & Indemnity (P&I) Club boards have met and released their pre-renewal announcements for the policy year. Below, we outline premium adjustments, general increases, and policy changes across the various Clubs, detailing strategies to address reinsurance costs and underwriting results.

Club
P&I G/I or Target
FD&D G/I or Target
Deductible Changes
Call Amendments
Release Call
American
7%
7%
Below USD50k to be increased by 10% min USD2.5k
Unbudgeted call for 2022 +35%
2022: 2.5%
2023: 15%
2024: 20%
2025: 20%
Britannia
7.5%
7.5%
Minimum deductibles are to be increased as follows:
Crew from USD7,000 to USD10,000; cargo from USD19,500 to USD22,500 and other from USD13.500 to USD15,000.
FD&D: the reverse deductible of USD7,500 (whereby the club paid the first USD7,500 of any claim) has been abolished, as has the cap on the member’s share of liability. Instead, any claim is to be simply split 2/3rds club, 1/3rd member.
12% capital return
2022: 5%
2023: 7.5%
2024: 15%
2025: 15%
Gard
4.0%
4.0%
-
10% owners discount
2022: 5%
2023: 5%
2024: 10%
2025: 10%
London
5.0%
5.0%
-
Nil
2022: 5%
2023: 12.5%
2024: 15%
2025: 15%
Japan
7.0%
No G/I
-
TBA
2022: 5%
2023: 3.5%
2024: 3.5%
2025: 15%
NorthStandard
5.0%
5.0%
Below USD30k to be increased min USD1k
Nil
2022: 7.5%
2023: 15%
2024: TBA
2025: TBA
Shipowners*
Nil
Nil
-
Nil
No release call
Skuld
5.0%
5.0%
-
5% members’ credit
(members credit is on 2023 pro-rata premium where vessels remain on risk)
2022: 7.5%
2023: 10%
2024: 15%
2025: 15%
Steamship
5.0%
5.0%
-
12.5% capital return
2022: 0%
2023: 5%
2024: 10%
2025: 10%
Swedish
5.0%
5.0%
10% min USD1k where members fall outside the 2025 minimum deductible levels
Nil
2022: 5%
2023: 15%
2024: 15%
2025: 15%
UK /UKDC
6.5%
5.0%
10% mandated increase below USD50k min USD1k
P&I: Nil
FD&D: 5% secondary discount for full fleet entry and 10% continuity credit
2022: 0%
2023: 7.5%
2024: 10%
2025: 15%
West of England
5.0%
Nil
-
Nil
2022: 7.5%
2023: 15%
2024: 15%
2025: 15%

Gard 2024 Financial Results

Gard is the first Club to release its financial statements for the year-end 2024, showing that free reserves have increased by USD94.6 million to USD1,564.9 million.

Read the Announcement

Shipowners Club 2024 Financial Results

The Club has released its financial statements, showing that free reserves have increased by USD40.6 million to USD406.8 million. The previous year saw an increase of USD69.5 million.

Read the Announcement

Skuld 2024 Financial Results

Skuld has released its financial statements for the year ended 20 February 2025, showing free reserves have increased by USD10.7 million to USD562.1 million.

Read the Announcement

The Swedish Club 2024 Financial Results

The Swedish Club has released its financial statements for the year ending 31 December 2024, showing free reserves have increased by USD29.9 million to USD206.2 million. The previous year saw an increase of USD26.9 million.

Read the Announcement

West of England 2024 Financial Results

West of England has issued a press release which reveals that it has recorded an overall surplus of USD29.8 million, increasing Free Reserves to USD306.1 million.

Read the Announcement

Gard 2024 Financial Results

Gard is the first Club to release its financial statements for the year-end 2024, showing that free reserves have increased by USD94.6 million to USD1,564.9 million.

Read the Announcement

Steamship Mutual 2025 Requirements

Following their Board meeting, the Club have announced a 5% General Increase, coupled with a capital distribution of 12.5% of 2024/25 annual premium.

Read the Announcement

UK Club 2025 Requirements

The UK Club has announced its renewal plans for the 2025-26 policy year - a 6.5% premium increase will be required, plus any change to the cost of the International Group reinsurance program.

Read the Announcement

The London Club 2025 Requirements

The London Club has announced its 2025-26 policy year renewal plans. The club will, once more, not set a general increase, but will instead seek to achieve a 5% premium increase across the P&I book.

Read the Announcement

NorthStandard 2025 Requirements

NorthStandard has announced its 2025-26 renewal plans. The Club is seeking a 5% general increase for the P&I and FD&D classes, although member accounts will also be individually rated.

Read the Announcement

The American Club 2025 Requirements

The American Club is another club which no longer requires a specific general increase in premiums, but instead have mandated an overall target increase in premium of 7.0%.

Read the Announcement

The Swedish Club 2025 Requirements

The Swedish Club has advised its general increases proposed for the 2025-26 policy year. The Club is seeking a 5.0% general increase for both the P&I and FD&D classes.

Read the Announcement

Britannia 2025 Requirements

Britannia plan to return USD30 million to renewing members on 20 February 2025 by way of a premium credit against the first instalment of the 2025-26 premium.

Read the Announcement

UK Defence Club 2025 Requirements

The UK Defence Club is looking for a 5% upward premium adjustment, subject to record, for the 2025-26 year. The existing credit for entering the full fleet with the club is increased to 5% from 2.5%.

Read the Announcement

Japan Club 2025 Requirements

The Japan Club were the final club to announce renewal plans for the 2025-26 policy year with requirements being slightly above-average.

Read the Announcement
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Alex Vullo

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Alex_Vullo@ajg.com

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