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P&I club renewal update 2024

Our annual P&I club renewal updates provide information on P&I club renewal policies, supplementary call history, general increase history, International Group reinsurance rates, and P&I release calls.
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19/11/2023

Our annual P&I club renewal updates provide information on P&I club renewal policies, supplementary call history, general increase history, International Group reinsurance rates, and P&I release calls.

P&I club renewal 2024

General increase update

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P&I Renewal Tracker

Date of committee meeting General increase Percentage general increase P&I Percentage general increase FD&D* Capital return to members Deductible changes Comments Link to P&I club announcement
American Nov 15-16 NO 0% 0% NO No standard increases or minimum amounts should be applied for the forthcoming policy year.

There is no declared P&I general increase and Members will continue to be underwritten individually. American Club's Board has targeted a 7.5% increase on P&I and FD&D Estimated Total Call.

Any uplift in the cost of the Club’s own whole-account reinsurances for 2024 will also be adjusted separately and additionally.

The Board has ordered that an additional and final call of 25% of originally estimated total premium be levied for the 2020 policy year for both P&I and FD&D of the Club’s mutual business. The Board has also agreed a further supplementary call of 40% of originally estimated total premium for both P&I and FD&D for the 2021 policy year.

 2024 American Club Renewal
Britannia Oct 24 NO 0% 0% YES No mandatory increase but deductibles will be reviewed depending on risk and record.

There is no declared P&I general increase and members will continue to be underwritten individualy. Britannia's Board has targeted an improvement in premium equal to a 7.5% increase on the expiring Britannia P&I Estimated Total Call.

For FD&D again there is no declared P&I general increase and members will continue to be underwritten individualy. Britannia's Board has targeted an improvement in premium equal to a 15% increase on the expiring Britannia FD&D Estimated Total Call.

Britannia has agreed to a Capital Distribution of US$10 million linked to members on risk at midnight (BST) October 24 2023. The distrubiton will be made from December 13 and is not conditional on renewing P&I cover in 2024.

 Calls - Class 3 P and I and Class 6 FDD (britanniapandi.com)
Gard w/c Oct 30 NO 0% 0% YES No mandatory increase, but deductibles will be reviewed depending on risk and record. Gard are looking to levy a 5% increase in ETC premium. They will also make individual member assessments on required renewal increases based on price levels and loss records. The Owners General Discount (OGD) has been increased to 10% for the 2024 policy year.
Japan Nov 20 YES 7.5% 0% NO No mandatory increase. Although progress has been made in restoring the underwriting balance over the past years, premium levels are still inadequate. Overall rate increases are still required to ensure sustainable underwriting in the future. Japan Club Renewal 2024
London Oct 17-18 NO 0% 0% NO No mandatory increase but deductibles will be reviewed depending on risk and record. London Club has not set a general increase and is targeting a 7.5% increase in average rates for both P&I and FD&D. Renewal terms will be based on individual member's loss records and risk profile. London Club Renewal Circular
NorthStandard w/c Nov 13 YES 5% 5% NO All P&I deductibles below US$30,000 will increase by a minimum of US$1,000. For FD&D the deductible of 25%, with minimum of US$10,000 per claim has been maintained. Members' premiums and terms will be reviewed to ensure premiums are further adjusted to reflect performance and exposure going forward. Financial Review and Renewal 2024 | NorthStandard
Shipowners’ Oct 31 YES 5% 5% NO No mandatory increase but deductibles will be reviewed depending on risk and record. The 5% general increase applies to all vessel types except yachts which will be "As Expiry". Renewal 2024/2025 | Shipowners (shipownersclub.com)
Skuld Nov 14 NO 0% 0% NO No mandatory increase. There will be no general increase and members will be rated individually. Skuld will be aiming for an overall adjustment of 5% of the estimated total call. Skuld Renewal Update policy year 2024/25
Steamship Oct 23-24 YES 5% 5% YES No mandatory increase but deductibles will be reviewed depending on risk and record. Subject to regulatory approval, there will be a distribution equivalent to 7.5% of the 2023/24 mutual P&I premium. Steamship Mutual Circular
Swedish Dec 7 YES 7.5% 7.5% NO Standard minimum increase of US$1,000 for deductibles below:
Cargo: US$15,000
Crew: US$10,000
3rd Party: US$25,000
Other: US$10,000		 Members will be subject to individual assessments based on risk profile and performance. Swedish Club Renewal Circular
UK Nov 6 YES 7.5% N/A NO An increase of 10% to apply to all deductibles up to US$50,000 with a minimum increase of US$1,000 to apply. The club may propose higher deductibles as part of the renewal terms for members with adverse records. UK Club Renewal Circular
UK Defence Club Nov 16 YES N/A 5% YES N/A

With no changes deemed necessary, the claims limit remains at US$15 million. The club maintain their policy of not requiring mandatory deductibles, claims sub-limits, or release calls.

All members renewing ships in the 2024 policy year will be intitled to a continuity credit distribution of 3.5%. In addition, members entering a whole fleet will receive a credit of 2.5% for 2023 policy year premium.

 UKDC Club Renewal
West Nov 6-7 YES 7.5% 5% NO An increase of 10% will be applied to all deductibles below $50,000. For members with adverse records, additional action will be taken where necessary with rates and terms adjusted as appropriate to reflect record and/or risk exposure. West of England Renewal Circular
Source: Marsh Specialty
* FD&D is freight, demurrage and defence

This report has been produced by Marsh Specialty in the UK. Marsh Specialty is a trading name of Marsh Ltd.

 

To discuss further details of a club’s policy, or other P&I club issues, please contact your Marsh advisor.

Our people

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Jennie Page

Head of Marine, Marsh Specialty Pacific

Luke Dheir

Luke Dheir

Principal, Marine - Pacific

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