chevron in light blue
Nov 3, 2022
Lockton P.L. Ferrari

Renewal Bulletin No. 02/22 - Club Britannia

3rd November 2022

P&I Mutual entries

  • Britannia is no longer adopting the General Increase system, however, the Clubis targeting an overall increase of 10% in the Estimated Total Call (“ETC”) for the2023/24 policy year before any Group Excess of Loss (“GXL”) rate adjustment.
  • The minimum deductible will be increased to the following levels:

- Crew: USD 7,000
- Cargo: USD 19,500
- All others: USD 13,500

At the recent Board meeting, the Club reviewed its financial position and considered itsrequirement for the 2023/2024 policy year:

  • Whilst there is no declared general increase with Members continuing to beunderwritten individually, the Club’s target is an increase of 10% in the ETC.
  • Members’ individual rates will be adjusted to reflect their claims record and riskprofile, as well as any changes in the cost of the International Group ReinsuranceProgramme.
  • The release calls percentages are set as follows:

- 2020/21: NIL
- 2021/22: 5%
- 2022/23: 7.5%
- 2023/24: 15%

  • Whilst no pool claims have been reported in the current policy year, pool claims in prior policy years have continued to deteriorate.
  • The Club remains financially strong with A rating by S&P but further rate increasesare required for the 2023/24 renewal to robustly address the underwriting deficit.

FDD Mutual entries

  • The 2022/23 rate increase was only the second increase since 2013/14.
  • An additional adjustment to premium rate for 2023/24 is required to address thecontinuing underwriting deficit.

The board decided the following:

  • Members’ rates will be adjusted to reflect their individual claims records and riskprofiles to achieve a 15% increase on Britannia’s ETC but there will be nodeclared general increase.
  • The Board set the following release call percentages:

- 2020/21: NIL
- 2021/22: 5%
- 2022/23: 10%
- 2023/24: 20%

This Newsletter, and our information archive, can also be accessed at

P.L. FERRARI & CO S.r.l.

P.L.Ferrari – A Member of the Lockton Group of Companies This newsletter is intended solely as an overview of the marine market and does not constitute any form of advice. It is based on sources believed to be accurate at the time of printing andwe cannot be held liable for the omission of any information within the newsletter.