26 October 2023

The P&I Pre-Renewal Review 2023

The Marine P&I sector has seen significant challenges this year. The report comments on the clubs financial results and how the sector has been impacted by these issues.

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Explore the P&I Clubs 2024 Renewal Announcements

P&I CLUBS 2024 RENEWAL ANNOUNCEMENTS

2024 General Increase Summary

Steamship Mutual 2024 Requirements

The Club has advised a 5% increase in premiums for all classes of business. In addition, any adjustments to the cost of the International Group reinsurance program will be passed on to members.

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Shipowners Club 2024 Requirements

The second General Increase for the 2024-25 policy year has been announced by Shipowners Club. The Club has advised a 5% increase in premiums for the P&I class of business, inclusive of any adjustments to the cost of the International Group reinsurance program.

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Gard 2024 Requirements

Gard has announced its renewal plans for the 2024-25 policy year. A 5% premium increase is required as a result of inflation, although the Board were generally satisfied with the development of the mutual P&I portfolio.

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UK P&I Club 2024 Requirements

The UK Club has announced its renewal plans for the 2024-25 policy year - a 7.5% premium increase will be required, plus any change to the cost of the International Group reinsurance program.

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West of England 2024 Requirements

West of England has announced its renewal plans for the 2024-25 policy year - a 7.5% standard surcharge will be required for P&I risks, plus any change to the cost of the International Group reinsurance program will be added.

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Britannia Group 2024 Requirements

The club has continued its policy of not having general increases, but nonetheless has announced a ”targeted improvement in premium adequacy” equal to 7.5% for P&I risks and 15% for FD&D risks.

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The London P&I Club 2024 Requirements

No general increase is set and whilst an overall increase of 7.5% in average rates is targeted. Renewal terms will be based on individual Member loss records and risk profiles, incorporating the anticipated impact of inflation on future claims costs.

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The American Club 2024 Requirements

The American Club have mandated a target increase in premium of 7.5% and that the club will apply a member specific approach to premium pricing.

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Skuld 2024 Requirements

Skuld continues to support the strategy of individual rate adjustments based on performance without a general increase and will be aiming for an overall adjustment of 5% of the Estimated Total Call (ETC).

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Japan P&I Club 2024 Requirements

There will be a 7.5% general increase in mutual premium rates for owners’ entries, including additional covers. In addition, Members’ rates will be adjusted as appropriate to reflect their individual claims record, as well as any changes in the cost of the International Group’s reinsurance programme.

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NorthStandard 2024 Requirements

In order to contend with inflationary pressures on claims, NorthStandard have declared that all deductibles below USD30,000 will be increased by a minimum of USD1,000.

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The Swedish Club 2024 Requirements

The Swedish Club are the last to release their renewal statement. They have announced a 7.5% general increase for both the P&I and FD&D classes.

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Alex Vullo

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