25th November 2022
- A 10% increase in premium rates for P&I Mutual and Fixed Premiums entries.
- All crew and other people related claims deductibles below US$50,000 will beincreased by a minimum of US$2,500. All cargo and other claims deductibles will be increased by a minimum of US$1,000.
- Members’ rates will also be adjusted to incorporate any changes in the costing and structure of the International Group General Excess of Loss reinsurance programme.
- A 15% General Increase in premium rates for FD&D Mutual and Fixed Premium entries.
- FD&D Rules deductible is to remain at 25%, with the minimum of US$10,000 per claim, but to remove the maximum deductible limit of US$150,000 per claim.
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:
- The year to date has seen a reduced level of both retained as well as Pool claims.
- The underwriting results were impacted negatively by the elevated claims experience of the last few years.
- Given the volatility in investment performance in the second half of last year, a significant investment loss at the financial year end 2023 is expected.
- In addition, the war in Ukraine, and the consequent geopolitical impact on generalinflation worldwide would add further complexity to claims experience in the coming year.
- The release call is set at 15%.
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.