Dear All,
WEST OF ENGLAND
Club, in their attached circular, advise that, considering cost of claims and global inflation, a 10% rise for mutual owned P&I entries and 15% rise for FDD owned mutual entries are required. For fixed P&I and FDD entries, premiums have to be adjusted reflecting the cost of reinsurance which is expected to be increased.
The group reinsurance cost will be reflected to the members whether it increases or decreases and as usual the individual member performance will be taken into account when offering renewal quotation.
LONDON P&I CLUB
London Club in their attached circular, advise of no general increase for P&I and FDD but that the renewal offers to take into the impact of global inflation on claims costs as well as individual member loss records.
The group reinsurance cost will be reflected to the members whether it increases or decreases.
Please find below our comparison table for P&I and FDD.
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2023 / 24
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P&I
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NOTES
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American
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Britannia
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|
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Gard
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Japan
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|
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London P&I
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0
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However global inflation and member loss records to be taken into account
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North.O.E.
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|
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Shipowners
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0
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However +10% for yachts and certain increases for dry cargo vessels based on records.
Deductibles below $50,000 to increase by 10% and $500 minimum.
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Skuld
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|
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Standard UK
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Standard Ireland (London Class)
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Steamship
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+ 7.5 %
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10% increase in deductibles below $50,000
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Swedish
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|
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U.K.
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+10%
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No change to deductibles
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West.O.E.
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+10+
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Deductibles to increase by 10% with a minimum increase of $2,500
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| |
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2023 / 24
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FDD
|
NOTES
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American
|
|
|
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Britannia
|
|
|
|
Gard
|
|
|
|
Japan
|
|
|
|
London P&I
|
0
|
However global inflation and member loss records to be taken into account
|
|
North.O.E.
|
|
|
|
Shipowners'
|
0
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Please refer to explanations as to yachts and dry cargo vessels based on records.
Deductibles below $50,000 to increase by 10% and $500 minimum.
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Skuld
|
|
|
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Standard UK
|
|
|
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Standard Ireland
(London Class)
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|
|
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Steamship
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+7.5%
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No change to deductibles.
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Swedish
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|
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U.K Defence
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|
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West.O.E.
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+15%
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No change to deductibles.
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