November 2021 / International Group Clubs - 2022 / 23 P&I - FDD Renewals - Standard London Class - Part 7
Dear All,
STANDARD (LONDON CLASS)
Please find attached the renewal strategy circular by Standard Club London Class. Club is seeking 10% increase for its fixed premium entries but no increase for its mutual entries. Accounts with adverse records on both mutual and fixed premium entries are subject to individual negotiations.
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.
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) |
0% for mutual entries; 10% general increase for fixed premium entries |
|
|
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) |
0% for mutual entries; 10% general increase for fixed premium entries |
|
|
Steamship |
+12.5% |
No change to deductibles |
|
Swedish |
||
|
U.K Defence |
||
|
West.O.E. |
+15% |
No change to deductibles |