Posts tagged: P&I
Japan P&I Club sets GI at 5% for 2013
28 November 2012
Posted in Blog
Tagged: general insurance, P&I, renewal, shipowners
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%. The Members record will also be individually assessed as usual and rates will also be adjusted to reflect any change in the costs of the [...]
Read more »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 »EU Closes Antitrust Investigation into International Group
7 August 2012
Posted in Blog
The EU Commission has finished its two year investigation into the claim-sharing and joint reinsurance agreements in place within the marine insurance market, after concerns were raised regarding the dominance of the International Group’s 13 clubs. Particular focus was paid to the International Group Agreement (IGA) and Pooling Agreement, which exists between the International Group [...]
Read more »BIMCO’s New Charter Party Clause for Solid Bulk Cargoes that Can Liquefy
7 August 2012
Posted in Blog
Tagged: BIMCO, Cargo, charterer, P&I, risk
In conjunction with the International Group of P&I Clubs, BIMCO (the Baltic and International Maritime Council) has released an industry standard clause for the carriage of solid bulk cargoes, by Charterers, that may be subject to liquefaction. Iron ore fines and nickel ore have recently been highlighted as two commodities requiring special attention. The Clause [...]
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 »UK P&I Club announces 3% General Increase
21 October 2011
Posted in Blog
Tagged: marine insurance, P&I
The UK P&I Club has announced a 3% General Increase for both fixed and mutual members for 2012, exclusive of any change in reinsurance costs which will be passed on to mutual Members. There is no Supplementary Call in excess of the mutual premium for any of the open years being 2009, 2010 and 2011 [...]
Read more »Japan Shipowners P&I Club announces 10% increase for 2011 P&I renewals
7 December 2010
Posted in Blog
The Board has decided to implement a 10% increase on the P&I advance calls rates, with any adjustment in the cost of the International Group reinsurance program to be added. Individual member’s loss record will be reviewed for renewal in light of the above general increase. The estimated supplementary call is set at 40% of [...]
Read more »Swedish Club sets General Increase for 2011
7 December 2010
Posted in Blog
The Board of Directors agreed a 2.5% General Increase on rate for renewal of P&I entries for the 2011-2012 policy year, whilst a General Increase applicable to their FD&D entry is set at 10%.
Read more »American Club announces 2% General Increase for 2011
26 November 2010
Posted in Blog
The board has decided that for mutual P&I entries, all expiring advance call premium will be subject to a 2% General Increase for 2011 renewal, whilst the mutual FD&D entries will be subject to a 10% increase on expiring advance call. Deferred calls for both P&I and FD&D are budgeted at 25%. Any additional costs [...]
Read more »West of England P&I Club sets General Increase for 2011 Renewals
16 November 2010
Posted in Blog
The board has decided to increase Members’ advance calls by 5% for 2011 P&I renewals, and will seek specific increases from Members with an adverse claims performance. In addition, the reinsurance costs will be payable at its actual cost. The forecast additional call for 2010 is 30% and the further release call is 30% of [...]
Read more »The London Club calling for 5% General Increase
16 November 2010
Posted in Blog
The Club’s Committee has decided to apply a 5% increase for the 2010/2011 Policy year, prior to further adjustments based upon individual records. Any adjustment to the reinsurance cost of the Club will also be applied to Members. The Release call rate is set at 15% of Advance Call. Additionally, all deductibles currently below USD15,000 [...]
Read more »Steamship Mutual announces no General Increase for 2011 P&I and FD&D renewals
16 November 2010
Posted in Blog
The Club’s directors have decided that no general increase will be sought this year, however individual Member’s record will be assessed as per usual. Any adjustment in reinsurance costs, whether upwards or downwards, will also be passed on to the Members. No general increase will be sought for FD&D either. Release calls have been set [...]
Read more »Shipowners P&I Club confirms no General Increase for 2011
16 November 2010
Posted in Blog
The Directors have decided that no general increase will be sought form Members for the 2011/2012 policy year. Nonetheless, the Club will take into consideration each individual Member’s claims performance and vessel sectors to seek specific premium increases. Additional call for 2010/11 is reduced to zero, and estimated additional call for 2011/12 is zero. For [...]
Read more »North of England calls for General Increase for 2011 renewal
16 November 2010
Posted in Blog
The Directors have decided to apply a General Increase of 3% to expiring premium rates, and Members with adverse loss records should expect higher increases. In addition, any increase in the cost of the International Group Excess Loss Reinsurance Programme will also be applied to Members. All deductibles for P&I Risks currently below USD5,000 will [...]
Read more »UK Defence Club sets General Increase for 2011 renewal
16 November 2010
Posted in Blog
The UK Defence Club has decided that a 2.5% increase in the premium rating will be sought from all Members for the 2011 policy year, prior to further adjustments based on Member’s records. For a full copy of the Club’s circular, please contact FP Marine Risks.
Read more »Gard announces no General Increase for 2011 P&I renewal
29 October 2010
Posted in Blog
The Board of Gard has advised that no General Increase is required for mutual P&I entries at the 2011 renewal, whilst a 10% General Increase for FD&D mutual entries has been decided. Individual premium rating will be dependent on the Member’s loss record and risk profile, and will be further adjusted according to the International [...]
Read more »Britannia calls for 5% General Increase for P&I renewal 2011
22 October 2010
Posted in Blog
The Committee has decided to increase the existing advance call rates by 5% for P&I entries and in addition the Members’ individual rates will be adjusted based on the cost of the International Group reinsurance program, as well as their individual claims’ records. The deferred call for 2010 is 40%. The Club will also continue [...]
Read more »Skuld abandons principle of “General Increase”
22 October 2010
Posted in Blog
The Club has decided to abandon the principle of a “General Increase”, instead focusing on the performance of individual members’ records to decide on increases at renewal. They believe this approach is more in line with other sectors of the marine insurance industry, however they are keen to stress that this should not be taken [...]
Read more »Standard P&I Club announces 2011 General Increase
22 October 2010
Posted in Blog
The Standard P&I Club board is seeking a 3.5% general increase in premium rates for 2011’s P&I renewal, whilst members with adverse records should expect their premiums to be further increased. Rates will also be adjusted following any increase in the International Group reinsurance program costs. Deductibles below USD10,000 will be increased by USD1,000. Regarding [...]
Read more »UK P&I Club sets General Increase for 2011
22 October 2010
Posted in Blog
The UK P&I Club has decided that a 5% increase in the premium rating will be sought from all Members for the 2011 policy year, plus any increase in the costs of the International Group reinsurance premium for the mutual Members. As far as deductibles are concerned, the standard minimum deductible will remain at USD5,000 [...]
Read more »Norwegian Plan updated for 2010
15 February 2010
Posted in Blog
Tagged: P&I, piracy, renewal, shipowner
The Nordic Association of Marine Insurers (Cefor) has now released the 2010 version of the Norwegian Marine Insurance Plan (NMIP) updating their 2007 version. Whilst there would not appear to be any fundamental changes, owners may wish to be aware of the following. Cefor has sought to clarify the relationship between the NMIP and the [...]
Read more »London Steamship calling for 5% General Increase
31 December 2009
Posted in Blog
Tagged: P&I
The Club’s Committee has decided to apply a 5% increase on 2009 Estimated Total Cost for the 2010/2011 Policy year, prior to further adjustments based upon individual records. Any adjustment to the reinsurance cost of the Club will also be applied to Members. The Release call rate is set at 15% of Advance Call. Additionally, [...]
Read more »West of England P&I Club sets General Increase for 2010
31 December 2009
Posted in Blog
Tagged: P&I
The board of the West of England P&I Club has decided to increase Members’ advance calls by no less than 5% for 2010 P&I renewals, and will seek specific increases from those members with adverse claims records. In addition the reinsurance costs will be payable at its actual cost. The forecast additional call for 2010 [...]
Read more »Skuld applies 5% General Increase for 2010
31 December 2009
Posted in Blog
Tagged: P&I
Renewals on all mutual classes will be subject to a general increase of 5% for 2010, although Members will be individually rated based on their loss record and risk exposure. At the same time, the Club is seeking an increase in deductibles of a minimum USD2,500. Any changes in the Club’s reinsurance costs will be [...]
Read more »The Japan Ship Owners’ Mutual P&I club requests 12.5% increase
3 December 2009
Posted in Blog
Tagged: P&I
The Board of Directors at The Japan Ship Owners’ Mutual P&I Association has decided to implement a 12.5% increase on the P&I advance calls rates, with any adjustment in the cost of the International Group reinsurance program to be added. Individual member’s loss record will be reviewed for renewal in light of the above general [...]
Read more »North of England calls for General Increase for 2010
23 November 2009
Posted in Blog
Tagged: P&I
The Directors have decided to apply a General Increase of 5% to expiring premium rates, and Members with adverse loss records should expect a higher increase. In addition, any increase in the cost of the International Group Excess Loss Reinsurance Programme will also be applied to Members. All deductibles for P&I Risks will rise by [...]
Read more »Gard announces no general increase for 2010
30 October 2009
Posted in Blog
Tagged: P&I, premiums, shipping
The Board of Gard has decided that no general premium increase will be required for mutual and fixed premium P&I entries for the 2010 year. This is not to say that Gard will not be seeking increases, simply that those increases will be dependant upon each individual member’s exposure and loss record. In addition, any [...]
Read more »The London P&I Club changes arrangements for collection of calls
28 October 2009
Posted in Blog
Tagged: P&I
The London Club has issued notice that, from 2010, the Club will quote on the basis of an Annual Call, which will include both the Advanced and Deferred Call. The Club will continue to collect over a deferred period, likely to be 30% in March 2010, 30% in July 2010 and 40% in December 2010 [...]
Read more »West of England announces results of mid-year review
28 October 2009
Posted in Blog
Tagged: P&I
The West of England has confirmed that the 2007/8 year will now be closed without any further Calls applying. In addition, the Release Call for the 2007/8 year will be reduced from 30% to 15%. The 2008/9 year’s 45% Additional Call remains in place, due to be debited in January and August 2010, whilst the [...]
Read more »Britannia P&I Club announces 2010 general increase
28 October 2009
Posted in Blog
Tagged: P&I
The Britannia P&I Club has announced they will be seeking an Advanced Call increase of 5% for the 2010/2011 year with Members being advised to budget for a 40% Deferred Call. The increase in Advanced Call is before any changes in the International Group Reinsurance rating and individual Member’s loss records. In addition, the 2006/7 [...]
Read more »P&I Clubs report heavy losses from investments
11 September 2009
Posted in Blog
Tagged: P&I, underwriting
Back in April we wrote that shipowners should consider their P&I club’s investment portfolio carefully; the recession has resulted in falling equity markets and therefore lower investment incomes for P&I Clubs who invested heavily in the markets. The result of this meant we were likely to see a more technical approach to underwriting and rising [...]
Read more »P&I Clubs report heavy losses from investments
11 September 2009
Posted in Blog
Tagged: P&I, premiums, underwriting
Back in April we wrote that shipowners should consider their P&I club’s investment portfolio carefully; the recession has resulted in falling equity markets and therefore lower investment incomes for P&I Clubs who invested heavily in the markets. The result of this meant we were likely to see a more technical approach to underwriting and rising premiums [...]
Read more »Lay Ups in Singapore – no sign of increasing premiums
28 May 2009
Posted in Blog
Tagged: P&I, ports and terminals, premiums, shipowner
Earlier this year, the American P&I Club issued a members alert regarding lay ups in Singapore. It refers to a general indication that Singapore’s port has become congested with laid up vessels and that members should be aware of an increased risk of collision. It appears that most claims have resulted from mis-calculating the strength [...]
Read more »Maersk Alabama – existing policies may not have responded to cover ransom
15 April 2009
Posted in Blog
Tagged: General Average, Gulf of Aden, Hull and Machinery, kidnap & ransom, Maersk Alabama, P&I, piracy
The Maersk Alabama made the news for many reasons after it was attacked by pirates recently, not least because it was the first American-flagged vessel to be hijacked in the Gulf of Aden. The crew was able to recapture their vessel, but the captain was taken as sole hostage on a lifeboat at sea. Uniquely, there [...]
Read more »Owners recommended to consider Club’s investment portfolios
3 April 2009
Posted in Blog
Tagged: P&I, shipowner, underwriting
While economic times were good, Protection and Indemnity Clubs were able to use positive investment income, mostly drawn from exposure to equity markets, to reduce their calls to members whilst simultaneously growing their free reserves. The income allowed shipowners to enjoy reduced premiums even when there was an increase in claims activity, because of the [...]
Read more »Piracy and the effect on cargo owners
26 November 2008
Posted in Opinions
Tagged: Cargo, General Average, Gulf of Aden, Hull and Machinery, kidnap & ransom, P&I, piracy, Somalia, war
In the waters off Somalia and the Gulf of Aden, the frequency of pirate attacks has intensified over the last two years as Somalia remains without a central government. International security efforts have increased, but their presence is having minimal impact on what is unquestionably a lucrative crime. Somali pirates are making ransom demands of [...]
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.
20 September 2012
FP Marine Risks has recently updated its piracy report, in particular regarding the use of armed guards, how the markets are responding and the increasingly concerning situation in West Africa. A brief summary of the report can be found here.
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 March 2007