November 2021 / International Group Clubs - 2022 / 23 P&I - FDD Renewals - North / American / Japan Clubs - Part 8
Dear All,
North of England
Please find attached the renewal strategy circular by North of England who is asking for 15% rise on premiums of P&I and 7.5% on FDD in order to continue with sustainable rates in 2022. Although there will be no change to FDD deductibles, P&I deductibles need to be increased as follows:
Below $50,000 by $2,500 but for crew and other people by $5,000.
American Club
Please find attached the renewal strategy circular by the American Club who is asking for 12.5% rise in P&I and FDD premiums but with no change to deductibles. The circular also includes announcement for additional supplementary calls for 2018 and 2019 and with a hint of expectation for 2020 in the middle of 2022.
As you may remember in November 2019 Club asked for:
2016/17 policy year - 22.5% of Estimated Total Call (only for P&I class)
2017/18 policy year - 17.5% of Estimated Total Call (only for P&I class)
Club is now asking for:
2018/19 policy year – 15% of Estimated Total Call (only for P&I class)
2019/20 policy year – 35% of Estimated Total Call (only for P&I class)
2020/21 policy year – Club thinks 35% will be needed for 2020 to be announced as at mid of 2022.
Japan Club
Please find attached the renewal strategy circular for 2022 by the Japan Club who is asking for 10% rise in premiums of P&I and FDD.
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 |
+12.5% |
No change to deductibles |
|
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 |
+10 |
No change to deductibles |
|
London P&I |
+12.5% |
Rates and deductibles to be adjusted acc. to the risk assessment of members. |
|
North.O.E. |
+15% |
Deductibles below $50,000 by $2,500 but for crew and other people by $5,000. |
|
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 |
+12.5% |
No change to deductibles |
|
Britannia |
+15% |
No change to deductibles |
|
Gard |
0 |
No change to deductibles |
|
Japan |
+10% |
No change to deductibles |
|
London P&I |
+12.5% |
Rates and deductibles to be adjusted acc. to the risk assessment of members. |
|
North.O.E. |
+7.5% |
No change to deductibles |
|
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 |
 American Club 2022 | [ ] | 233 kB |
| Japan Club 2022 | [ ] | 485 kB |
| North of England 2022 | [ ] | 418 kB |