10th November 2021
P&I Mutual entries
FDD Mutual entries
The results of the recent Board meeting and the general requirements set for the 2022/23 renewal can be summarised as follows.
By way of background the club notes,
“The club made positive progress at the last renewal towards its goal of breakeven underwriting. The board remains firmly focussed on achieving a sustainable underwriting result and increases in owners and members’ premium contributions are necessary at the 2022 renewal.”
Whilst the 2021/22 policy year is seen to be performing better than 2020/21 it is still predicted to run with a combined ratio in the region of 115%. The main determining factors for this are identified as,
Beyond the general increase to be applied on expiring P&I and FDD premiums and the deductible adjustments to be applied on P&I terms the club notes,
“Additional costs in respect of the International Group excess of loss reinsurance programme will be passed to owners and members. Similarly, the cost of the club’s non-pool reinsurance programme has increased and indications are that it is expected to increase further into 2022/23.”
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P.L. FERRARI & CO S.r.l.