2015/16 P&I Renewals and International Group General Increases
International Group General Increase Summary for 2015/16 Policy Year
We are now fast approaching the 20th February 2015 renewal date for P&I and FD&D insurances and Owners and Charterers are eager to see what position their Clubs are taking for the coming year. For your ease of reference, we have put together a brief list of the General Increases (GI) among the International Group Clubs (IG) together with any substantial changes to the terms of their insurance such as deductible levels. This can be downloaded or viewed by clicking on “Renewal Circular” above this paragraph.
As usual, non-IG (fixed premium) insurers will not apply any General Increase and will issue renewal terms based on the performance of the fleet.
Over the past few years we have seen substantial General Increases that have placed further pressure on Owners in an already very difficult market and it appears that at least this year the IG’s are relenting. The P&I increases this year range from nil (Skuld, Shipowners, Steamship) to as high as 6.5% (UK Club) while FD&D increases range from nil (half of IG) to as high as 10% (Gard). It should be noted that Skuld has not announced a GI but will review each accounts performance and calculate their necessary contribution to the Membership. This in turn opens the possibility of negotiating to nil increase or a possible reduction over last years premiums.
The GI is a standard increase applied to the entire Membership while individual account adjustments and increases are applied on top of this. Poor performing fleets with bad Loss Records can expect further increases on top of the GI. Furthermore, changes in Excess Loss Reinsurance are yet to be finalised and this will result in a further marginal increase on top of the GI’s announced by the Clubs.
We look forward to beginning this years renewal negotiations and I have no doubt that our team will deliver the same excellent results our clients have come to expect over the years.
Feel free to contact myself or any of the team if you have any questions relating to renewals. We will be happy to assist in any way possible.
Tel: +44 (0) 20 73750002
Mob: +44 (0) 77926 01131