8th November 2021
P&I Mutual entries
FDD Mutual entries
The Board has met following on to the recently announced Supplementary Call revision on the three most recent policy years to set the requirements for the renewal at 20th February 2022. As a follow on to last announcement the decisions for renewal form part of the overall determination of the Board to take measures in order that the club delivers sustainable technical performance and financial resilience going forward.
In commenting with regards to the background the club notes,
As noted above, the renewal strategy provides for no set general increase. In what is referred to as a ‘tailored approach to individual members” an underlying agenda target has been put forward wherein the club advises, “ the Board is targeting an increase in rates of 12.5%, this is subject to a focus on individual Member loss records and risk profiles. Rates and deductibles will be adjusted accordingly.”
The renewal circular dedicates space also for the Class 8 (FD&D) requirements setting out,
“The incurred cost of claims after six months of the current year is one of the higher cost H1 periods in recent years, but not necessarily an outlier. There has also been an upward trend in FD&D claims costs over recent years, during which time premium levels have been under pressure. In the circumstances, the Board determined that as with the P&I Class no general increase is set and whilst it is targeting an increase in rates of 12.5%, this is subject to a focus on individual Member loss records and risk profiles. Ratings and deductibles will be adjusted accordingly.”
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P.L. FERRARI & CO S.r.l.