The Club’s Board met on Tuesday 31 October to determine whether the Club should seek a General Increase for the 2024 policy year, commencing 20 February 2024. They noted that the Club remained in an excellent position, despite no General Increase having been applied for 2023.
However, claims on the 2023 year were running at a significantly higher level than in previous years, partly due to inflation. Despite this, the Board were pleased to note that this should not, for 2023 at least, put the Club into a negative underwriting position.
The Board is committed to ensuring stability in the level of premiums charged and to only applying increases where they are genuinely needed. Mindful of the impact of inflation on the cost of claims going forward, the Board resolved that a 5% General Increase should be applied for 2024. This increase will apply to all vessel sectors with the exception of Yachts. The 10% increase in premium secured from the Yacht sector in 2023 improved the underwriting result in this area. This same targeted approach was also applied to Dry Cargo vessels in 2023 and although it went some way to address the record in this sector, the 2024 General Increase will still apply to assist in improving it further to an acceptable level. No across the board increase in deductibles would be applied, deductible levels having been uplifted at the 2023 renewal.
The Club’s Renewal Circular can be found here.
Consistent with the approach in previous years, the risk presented by individual Members will be reviewed and premium and deductible adjustments made where required. Any adjustments will be communicated as part of the renewal process by the Underwriting teams.
Aside from the premium and deductible strategy, please also be reminded that Loss Ratio and Claims Summary Reports will continue to be available to download as necessary from the P&I Online portal. Over 1,000 brokers are signed up to use this functionality, if you haven’t yet done so, please contact [email protected] to be set up.
Please get in touch with your underwriting contact if you have any queries and we sincerely thank all Members and their brokers for their ongoing business.