Up to today, Total THIRTEEN IG clubs have announced their General Increase for P&I and FDD for 2023/24 policy year. Here are the summary with P&I and FDD GI/Target increase for your easy reference:
General increase of 2023/24
| IG 协会 | P.S. | 保赔险 | 抗辩险 |
| API | 1 | (>=10%)* | (>=10%)* |
| Britannia | 2 | (10%)* | (15%)* |
| Gard | 3 | (5%-7%)* | N/A |
| JPI | 4 | 10.0% | 10.0% |
| London | 5 | N/A | N/A |
| NOE | 10% | 15% | |
| SOP | 6 |
(10%)* |
N/A |
| Skuld | 7 | (10.0%)* | (10.0%)* |
| Standard | 10% | 10% | |
| SSM | 7.5% | 7.5% | |
| Swedish | 10% | 15% | |
| UK | 8 | 10% | 5% |
| WOE | 10% | 15% |
注 Remark:
以上数字的单位以ETC计算。Expressed in term of ETC (estimated total call) or equivalent as defined.
TBA 有待通知。TBA = To be announced.
N/A 不适用。N/A = Not applicable.
1. API
· All expiring estimated total premium to have no standardized or general increase. However, the implementation for 2023 of a year-on-year increase in the pricing of risk of at least 10% on expiring rates overall.
2. Britannia
· Britannia does not adopt the General Increase practice. Members’ individual rates will be adjusted to reflect their claims record and risk profile. However, they will target a 10% increase on ETC for P&I, and achieve a 15% increase on ETC for FD&D.
3. Gard
· For 2023 policy year, Gard will give a 5% Owners’ General Discount on the agreed ETC to P&I members. At the same time, premiums for 2023 policy year will be increased. Although there will be no general increase, individual members’ rate will be adjusted to reflect their risk profile and claims records, most Members should expect an increase of between 5-7% with an acceptable record.
4. JPI
·For 2020 Policy Year, The Managerial Committee is authorised to decide to levy an unbudgeted supplementary call up to 25% (the decision will be made in February 2023).
·For 2021 Policy Year, The originally-estimated supplementary call of 40% due for payment by 31 January 2023. Further, the Managerial Committee is authorised to decide to levy an unbudgeted supplementary call up to 25% (the decision will be made in February 2023).
5. London
· Although no general increase is set, London will base on individual member loss records and risk profiles incorporating the anticipated impact of inflation on future claims costs.
6. SOP
· Shipowner does not adopt the General Increase practice. Noting the adverse claims trends in the Yacht sector they concluded that a 10% increase in premiums would be applied to this sector, and that increases would be applied as required to Members operating Dry Cargo vessels.
7. Skuld
· Although Skuld does not adopt General Increase, an increase to achieve an overall ETC adjustment of 10% for the mutual product before any adjustments to the Group Excess of Loss contract is expected.
8. UK
· Members with adverse records should anticipate higher increases.
· UK announced no supplementary call for previous years.
