UK P&I Club: 7.5% Rate Increase

Press Release
Friday, November 02, 2012

At its annual board meeting on 29 October 2012, the board of the UK P&I Club (the Club), one of the oldest shipping protection and indemnity insurance mutuals, agreed that the general increase for 2013 renewal will be 7.5 percent. 

 
The premium rating increase is in addition to any increase in the cost of the International Group reinsurance premium for 2013 for the mutual members, which will be determined in the New Year. 


 
Recognizing the challenges faced by its members and the Club’s strong capital position, the Board has separately declared a Mutual Premium Discount of 2.5 per cent on the total mutual call for the 2011 policy year. The discount will amount to a 10 per cent deduction for all mutual members for the final instalment of the 2011 call due in December this year. 


 
In an environment of increasing claims costs despite a shipping recession, the Club needs to keep premiums moving forward in line with the actual claims experience. The general increase is a step towards addressing underlying claims inflation, as well as the anticipated future rebound in claims frequency from what have been record low levels.


 
Dino Caroussis, chairman of the UK P&I Club said: “The decision to make a 7.5 per cent general increase reflects the Board’s determination to keep the Club’s underwriting in balance. The Board has made the decision for a relatively modest premium increase in the short term as opposed to more substantial and painful increases in future. 


 
Shipowners are facing extremely challenging conditions. We are therefore pleased, given our strong capital position, to be able to reduce the premium on 2011 which was a good year for the Club. However, the Board feels it would be clearly against the interest of members if a club does not increase premiums in an inflationary environment and potentially create a problem for the future.”

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Sinopec's Profit up at 32.5 billion yuan in 1H, 2014

Asia's largest refiner - China Petroleum & Chemical Corporation announced Friday night, according to international accounting standards, the first half net profit of 32.

Polynesian Shipping Sold to Neptune Pacific Line

The Board of Polynesian Shipping Line Limited, Apia informed   that the business and the Company’s associated investments have been sold to Neptune Pacific Line Limited.

Airbus May Sell Stake in Submarine Supplier

Airbus is considering a sale of its 49 percent stake in submarine supplier Atlas Elektronik as part of a reshuffle of its military business, German newspaper Die

P&I Clubs

Ballast Water Management: California Update

The California State Lands Commission (CSL) has promulgated a letter to clarify its interpretation of existing ballast water requirements under the California's

Swedish Club Results Show Improvement

The Swedish Club today announced its half-year results in which it reported that the club continued to demonstrate a solid performance in the first six months of

American Club Issues Steel Cargo Warning

The American P&I Club has updated its advice to members on the handling of steel cargoes. It has done so in consequence of some recent cases where the absence of

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1122 sec (9 req/sec)