18th November 2022
P&I and FDD mutual entries
- No General increase is set for both P&I and FD&D risks for the 2023/24 policyyear.
- Renewal terms for both Classes will be based on individual Member loss recordsand risk profiles incorporating the anticipated impact of inflation on future claimscosts.
At the recent Board meeting, the Club has considered its financial position and decidedthe renewal requirements as above. In addition, the Club circular sets out the mainhighlights:
- Any adjustment to the cost of the Club’s share of the IG’s excess loss reinsuranceprogramme will be applied.
- The Release Call rate for the 2023/24 policy year is set at 15% of the Annual Callfor both Classes.
- With regard to the prior policy years, the post expiry development of retainedclaims from 2021/22 has been higher than projected. An increase is also expectedon cost of the Club’s share of prior year Pool Claims.
- The Club, at the time of writing, recorded an investment loss of 5.3% in the currentfinancial year. Much of this loss remains unrealized and will unwind in the form ofhigher future yields to maturity.
This Newsletter, and our information archive, can also be accessed at www.plferrari.com
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.