28th November 2022
- A 10 % general increase in premium rates for P&I and FD&D Mutual entries andCharterers entries for the 2023 policy year.
- A release call is set at 3.5% for the 2023 policy year.
- Members’ rates will also be adjusted to incorporate any changes in the costing and structure of the International Group General Excess of Loss reinsurance program.
- The Board has authorised to levy an unbudgeted supplementary call up to 25% and 30% release call for the 2020 and 2021 policy years.
- A 40% supplementary call and a 45% release call remain unchanged for the 2022 policy year.
- For FD&D entires, the estimated supplementary call at 20% and 25% release call rates remain unchanged for the 2020, 2021 and 2022 policy years.
- Members’ rates will be adjusted as appropriate to reflect their record to achieve a 15 % increase in total Naiko class entries (Japanese coastal vessels).
At the recent Board meeting, the Club has considered its financial position and decidedthe renewal requirements for the 2023 Renewal as above. In addition, the Club circular sets out the mainhighlights:
- The Club has steadily improved its capital by increasing the reserve, however, its S&Prating has been downgraded to ” BBB stable outlook ” due to a significant decrease inthe reserve resulting from an underwriting deficit last fiscal year.
- The loss ratio has been deteriorated in the past couple of policy years with a 122% in2020 and 190.3% in 2021.
- Given the reasons mentioned above, the Club has decided the premium increase,Supplementary call and release call rates for the past policy years.
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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.