Up to today, ELEVEN IG clubs have announced their General Increase for P&I and FDD for 2024/25 policy year.  Here are the summary with P&I and FDD GI/Target increase for your easy reference:

General increase of 2024/25

IG 协会 P.S. 保赔险 抗辩险
API 1 (7.5%)* (7.5%)*
Britannia  2 (7.5%)* (15%)*
Gard  3  5% N/A
JPI  4  7.5% 0%
London 5 (7.5%)* (7.5%)*
Northstandard 5% 5%
SOP 5% N/A
Skuld 6 (5%)* (5%)*
Steamship 7 5% 5%
Swedish   7.5% TBA
UK 7.5% 5%
WOE   7.5% 5%

 

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, subject to an overall target increase of 7.5%.
· For 2020 policy year, Board has ordered that an additional and final call of 25% of originally estimated total premium be levied for both P&I and FD&D (one instalment, due on April 20, 2024).
· For 2021 policy year, Board determined that a further supplementary call of 40% of originally estimated total premium (two instalments, due on May 20 and November 20, 2024).

2. Britannia
· Whilst there is no declared general increase, with members continuing to be underwritten individually, the Boards have targeted an improvement in the premium adequacy equal to a 7.5% increase on the expiring Britannia Group Class 3 ETC (FD&D increase 15%).

3. Gard
· The Board agreed a 10% owners’ general discount on an ETC basis for vessels renewed by members with Gard for the 2024 policy year.
· As in previous years, underwriters will also make individual assessments based on price levels and loss records.

4. JPI
· JPI will levy a budgeted supplementary call of 40% for 2022 policy year. Payment due date will be 31 January 2024.
· There will be no general increase for FD&D cover. Members’ rates will be adjusted as appropriate to reflect their individual claims record.

5. London
· No general increase is set and whilst an overall increase of 7.5% in average rates is targeted for 2024/25 renewal, renewal terms will be based on individual Member loss records and risk profiles.

6. Skuld
· The Board continues to support the strategy of individual rate adjustments based on performance without a general increase and will be aiming for an overall adjustment of 5% of the Estimated Total Call (ETC).

7. Steamship
· Subject to regulatory approval, there will be a capital distribution to Members equivalent to 7.5% of the 2023/24 mutual P&I premium for the vessels renewing in 2024/25.