Dear Sir / Madam,
Below you may find the 2023 excess loss of reinsurance rates of the International Group Clubs, a programme jointly purchased by all the International Group Clubs.
Individual Club Retention (ICR) remains unchanged for the 2023/24 policy year at US$10 million, as does the structure of the Pool above that and the attachment point for the GXL programme at US$100m.
The excess War P&I cover will be renewed for 2023 for a period of 12 months. Again, this will be included in the total rates charged to shipowners. However, due to the ongoing active war between Russia and Ukraine, the IG’s Excess War reinsurers require Territorial Exclusion language (consistent with exclusion already applied by reinsurers for Primary War P&I coverage) for vessels trading in these waters. The IG are negotiating availability of sub-limited cover for affected vessels, which remains an ongoing process. However, it appears available cover is likely to be on the basis of a significantly lower per vessel limit than for the main Excess War placement limit of USD 500m. The Club will provide details of this cover in due course.
The following link provides detailed information for the new reinsurance agreement.
All Group Clubs have issued or will issue similar circular.
2023 / 24 rates summary