Dear All,

 

STANDARD CLUB

Please find attached the renewal strategy circular by Standard Club. Club is seeking 12.5% general premium increase for P&I and FDD. As to deductibles, the board also has decided that all deductibles to increase by 10%, subject to a minimum increase of US$ 2,500 for crew and cargo and US$7,500 for collision/fixed and floating objects. The Standard Club London Class circular has not yet been issued.

As usual once the group reinsurance contract is renewed, the difference compared to the previous year (whether up or down) will be reflected on the members’ agreed renewal premium unless specified otherwise.

 

GARD

Please find attached the renewal strategy circular by Gard.  The Club’s board would like the mutual P&I premiums to be increased (without setting a general increase level) in order to achieve a balanced underwriting result but while doing that has allowed a 5% Owners General Discount to apply for all mutual P&I entries on the new premium to be agreed for 2022. The Club aims to achieve an overall increase in P&I premiums by assessing individual member performance.  For FDD, there will be no any Owners General Discount to apply.

As usual once the group reinsurance contract is renewed, the difference compared to the previous year (whether up or down) will be reflected on the members’ agreed renewal premium unless specified otherwise.

 

SHIPOWNERS CLUB

Please find attached the renewal strategy circular by Shipowners Club. Club’s board has asked 5% general increase of premium for all classes of business. Although group reinsurance contract is expected to increase significantly for 2022, Club advised they would absorb such cost within the 5% increase and not reflect to its members.

Below you can find our comparison table of Group Clubs’ general increase levels.

 

2022 / 23	P&I	NOTES
American
Britannia	+12.5%	Minimum cargo deductibles to $6K crew; $18,5K cargo and $12,5K all others
Gard	0	Premiums need increasing but no general increase set. 5% discount on new premiums to be agreed. No change to deductibles.
Japan
London P&I	+12.5%	Rates and deductibles to be adjusted acc. to the risk assessment of members.
North.O.E.
Shipowners	+5%	No change to deductibles. Group reinsurance cost will not be reflected to members.
Skuld	+10%	No change to deductibles
Standard UK	+12.5%	10% increase on deductibles but by minimum of $2,500 for cargo and crew and $7,500 for collision and fixed/floating objects.
Standard Ireland (London Class)
Steamship	+12.5%	10% increase on deductibles which are usd 100,000 or less.
Swedish
U.K.	+12.5%	No change to deductibles
West.O.E.	+15%	Plus 15% on deductibles with a minimum of $2,500 applying.
2022 / 23	FDD	NOTES
American
Britannia	+15%	No change to deductibles
Gard	0	No change to deductibles
Japan
London P&I	+12.5%	Rates and deductibles to be adjusted acc. to the risk assessment of members.
North.O.E.
Shipowners'	+5%	No change to deductibles
Skuld	+10%	No change to deductibles
Standard UK	+12.5%	No change to deductibles
Standard Ireland (London Class)
Steamship	+12.5%	No change to deductibles
Swedish
U.K Defence
West.O.E.	+15%	No change to deductibles