Posts tagged: general increase
The American Club adopts 10% General increase
28 November 2012
Posted in Blog
Tagged: general increase, P&I, renewal, shipowners
Whilst the Club’s retained claims exposure has developed in line with projections over the past two years, the Club is concerned about the continuing increase in the pooling costs. The Board has therefore agreed on a 10% General Increase on P&I and FD&D estimated total premium for the 2013/14 policy year. The General Increase will [...]
Read more »North of England seeks 15% General Increase for 2013
28 November 2012
Posted in Blog
Tagged: general increase, P&I, renewal, shipowners
The Club has incurred an increased level of claims, in costs as well as in frequency, concomitantly with the increase in Pool claims experienced by the IG Group over the past couple of years. Their conservative approach to investments has maintained a positive return, albeit modest. This, combined with the overall increase in claims, is [...]
Read more »Britannia 2013 advance call to be increased by less than 5%
16 November 2012
Posted in Blog
Tagged: general increase, P&I, renewal, shipowners
In response to the increase in costs of claims, including Pool claims, and in a context of reduced investment returns, the Club has agreed that a 12.5% increase in advance call is necessary for the 2013 policy year, with a 45% deferred call. However, the Club is mindful of the depressed shipping environment and has [...]
Read more »West of England calls for a total General Increase of 7.5%
16 November 2012
Posted in Blog
Tagged: general increase, P&I, renewal, shipowners
The Club’s Committee has agreed on a 7.5% increase on P&I mutual premium for 2013, but to be split between the advance call and the forecast additional call: the advance call will be increased by 3.5% at renewal 2013 and the forecast additional call, payable in August 2014, will be increased to 35%. Individual records [...]
Read more »Gard sets General Increase at 5% for 2013
5 November 2012
Posted in Blog
Tagged: general increase, Hull and Machinery, P&I, renewal, shipowners
The Club’s mutual advance calls will be increased by 5% for 2013/14 for both P&I and FD&D classes. The Deferred call is set at 25% as per previous years. The Club’s standard deductibles will be raised by USD1,000. Changes in the costs of the Group reinsurance programme will be borne by Members. Deferred calls for [...]
Read more »The London Club announces increase in P&I and FD&D Annual Calls
5 November 2012
Posted in Blog
Tagged: general increase, Hull and Machinery, P&I, renewal, shipowner
The Committee has recently reviewed the Club’s position in respect of their retained claims, the increased costs of Pool claims and volatility of investment return; in light of those factors, the Annual rates for 2013 policy year will be increased by 12.5%, with any adjustment in the Group reinsurance programme being passed on to Members. [...]
Read more »The UK Club announces general increase for 2013, returns premium for 2011
5 November 2012
Posted in Blog
Tagged: general increase, Hull and Machinery, P&I, renewal, shipowners
At their recent meeting the Club’s board of directors agreed on a 7.5% increase on P&I Mutual premium for 2013, plus any increase in the Group reinsurance premium. At the same time they have decided on a 2.5% Mutual Premium discount for the 2011 policy year. The discount will be deducted from settlement of 2011 [...]
Read more »Steamship Mutual General Increase Announcement
30 October 2012
Posted in Blog
Tagged: general increase, Hull and Machinery, P&I, renewal
The Club Directors have decided on a 7.5% increase on all premiums for 2013. Members’ records will also be assessed as usual for further adjustments in premiums and also for adjustments in the deductibles. In addition, the costs of the IG reinsurance programme will be directly passed on to the Members. Release calls are set [...]
Read more »Skuld announces premium adjustment for 2013 P&I renewal
19 October 2012
Posted in Blog
Tagged: general increase, marine insurance, P&I
The Club have observed an increase in the cost of attritional claims of 2% to 3% annually, and therefore ‘mutual’ premium will have to be adjusted upwards, independently of each Member’s statistical records. At the same time, in order to ensure adequate contributions to larger claims and Pool costs, the Club advises that a 2% [...]
Read more »Shipowners’ P&I Club announce 5% GI in premium for 2013
16 October 2012
Posted in Blog
Tagged: general increase, insurers, P&I
For the first time in the last three years, the Shipowners’ P&I Club have found it necessary to impose a 5% General Increase on premiums at 2013 renewals, to address the increase in the number and cost of claims observed since 2011. The increase is inclusive of any additional reinsurance costs. Full details are available [...]
Read more »Standard P&I Club calls for 7.5% GI for 2013
16 October 2012
Posted in Blog
Tagged: general increase, insurers, P&I
Further to the Board meeting in Seoul last week, the Standard Club have now advised that their general increase for 2013 renewal will be 7.5% on P&I entries and 15% on FD&D entries. An increase in the cost of reinsurance the IG Group reinsurance programme is expected, and will be passed on to Members as [...]
Read more »West of England announces 5% General Increase for 2012
28 November 2011
Posted in Blog
Tagged: general increase, marine insurance, P&I
The Club has adopted a 5% General Increase for the 2012 renewal of both P&I mutual entries and charterers’ entry. The cost of the Group reinsurance programme will be charged additionally as usual. The forecast additional call for mutual entries is 30% payable in August 2013, with a further 30% for release call. All deductibles [...]
Read more »Shipowner’s P&I Club have adopted nil General Increase for 2012
21 November 2011
Posted in Blog
Tagged: general increase, marine insurance, P&I
For the second consecutive year, the Shipowners P&I Club board had decided that no general increase will be imposed on the mutual entries for the coming policy year. In addition, any increased costs in the reinsurance programme will be absorbed by the Club. Entries will be reviewed individually though according to the claims performance and [...]
Read more »Gard announces a 5% General Increase
4 November 2011
Posted in Blog
Tagged: general increase, marine insurance, P&I
Gard’s Board has set the general increase for both P&I and FD&D mutual entries at 5% for the 2012 policy year. Changes in the cost of the reinsurance programme will be reflected in each Member’s premium. The deferred call is 25% of the advance call for 2012, and the 25% deferred call budgeted for 2011 [...]
Read more »Steamship announces 5% standard increase
3 November 2011
Posted in Blog
Tagged: general increase, marine insurance, P&I
The Steamship Mutual has announced a 5% standard increase for mutual and fixed business before any changes in the reinsurance costs are taken into account for the 2012 year. Standard deductibles will be increased to a minimum of USD5,000 and all deductibles below USD25,000 will be increased by USD1,000. Release calls for the 2009/10 and [...]
Read more »Britannia announces 5% General Increase
3 November 2011
Posted in Blog
Tagged: general increase, marine insurance, P&I
The Britannia Club has announced they will seek a 5% increase on advanced calls prior to any change in the reinsurance costs for the 2012 renewal. Such increases will be before any changes in the reinsurance costs. In addition, minimum deductibles have been set at USD7,500, USD1,500 and USD3,000 for cargo, crew and others respectively. [...]
Read more »Recent articles
3 September 2012
Have recessionary risks hindered the opportunities available to Asian marine insurers? And is the future a profitable one?
20 July 2011
What has changed in the marine insurance markets over the last year? And can Assureds expect to see these soft markets continue?
Blog
6 December 2012
In recent months, three insurers have pulled out of the Hull and Machinery market as competitive pressures and a year of substantial claims take their toll.
28 November 2012
At the recent Meeting of the Association’s board of Directors, the general increase to be applied to the advance call rates for the 2013 policy year was set at 5%.
Press releases
16 April 2013
INTTRA, the world’s largest multi-carrier shipping network for ocean freight, has launched a new member service that enables shippers to purchase cargo insurance from marine insurance specialist, FP Marine Risks.
4 February 2013
Hyperion Insurance Group Limited, the international insurance intermediary group, and FP Group Limited (FP), the Hong Kong-headquartered specialist marine broking group, are pleased to announce their partnership today, with Hyperion taking a 55% stake in FP Group Limited.
Opinions
26 March 2009
26 November 2008