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:<\/p>\n
General increase of 2024\/25<\/strong><\/p>\n <\/p>\n \u6ce8 Remark:<\/p>\n \u4ee5\u4e0a\u6570\u5b57\u7684\u5355\u4f4d\u4ee5ETC\u8ba1\u7b97\u3002Expressed in term of ETC (estimated total call) or equivalent as defined. 1. API 2. Britannia 3. Gard 4. JPI 5. London 6. Skuld 7. Steamship 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 \u534f\u4f1a P.S. \u4fdd\u8d54\u9669 \u6297\u8fa9\u9669 API 1 (7.5%)* (7.5%)* Britannia 2 (7.5%)* (15%)* Gard 3 5% N\/A JPI 4 […]<\/p>","protected":false},"author":210,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[125],"class_list":["post-15682","post","type-post","status-publish","format-standard","hentry","category-circulars","tag-english"],"_links":{"self":[{"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/posts\/15682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/users\/210"}],"replies":[{"embeddable":true,"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/comments?post=15682"}],"version-history":[{"count":1,"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/posts\/15682\/revisions"}],"predecessor-version":[{"id":17342,"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/posts\/15682\/revisions\/17342"}],"wp:attachment":[{"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/media?parent=15682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/categories?post=15682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/tags?post=15682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n\n
\n IG <\/span><\/strong>\u534f\u4f1a<\/span><\/strong><\/span><\/td>\n P.S.<\/strong><\/span><\/td>\n \u4fdd\u8d54\u9669<\/strong><\/span><\/td>\n \u6297\u8fa9\u9669<\/strong><\/span><\/td>\n<\/tr>\n \n API<\/span><\/td>\n 1<\/span><\/td>\n (7.5%)*<\/span><\/td>\n (7.5%)*<\/span><\/td>\n<\/tr>\n \n Britannia <\/span><\/td>\n 2<\/span><\/td>\n (7.5%)*<\/span><\/td>\n (15%)*<\/span><\/td>\n<\/tr>\n \n Gard <\/span><\/td>\n 3 <\/span><\/td>\n 5%<\/span><\/td>\n N\/A<\/span><\/td>\n<\/tr>\n \n JPI <\/span><\/td>\n 4 <\/span><\/td>\n 7.5%<\/span><\/td>\n 0%<\/span><\/td>\n<\/tr>\n \n London<\/span><\/td>\n 5<\/span><\/td>\n (7.5%)*<\/span><\/td>\n (7.5%)*<\/span><\/td>\n<\/tr>\n \n Northstandard<\/span><\/td>\n <\/td>\n 5%<\/span><\/td>\n 5%<\/span><\/td>\n<\/tr>\n \n SOP<\/span><\/td>\n <\/td>\n 5%<\/span><\/td>\n N\/A<\/span><\/td>\n<\/tr>\n \n Skuld<\/span><\/td>\n 6<\/span><\/td>\n (5%)*<\/span><\/td>\n (5%)*<\/span><\/td>\n<\/tr>\n \n Steamship<\/span><\/td>\n 7<\/span><\/td>\n 5%<\/span><\/td>\n 5%<\/span><\/td>\n<\/tr>\n \n Swedish<\/span><\/td>\n <\/span><\/td>\n 7.5%<\/span><\/td>\n TBA<\/span><\/td>\n<\/tr>\n \n UK<\/span><\/td>\n <\/td>\n 7.5%<\/span><\/td>\n 5%<\/span><\/td>\n<\/tr>\n \n WOE<\/span><\/td>\n <\/span><\/td>\n 7.5%<\/span><\/td>\n 5%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
TBA \u6709\u5f85\u901a\u77e5\u3002TBA = To be announced.
N\/A \u4e0d\u9002\u7528\u3002N\/A = Not applicable.<\/p>\n
\u00b7 <\/span>All expiring estimated total premium to have no standardized or general increase, subject to an overall target increase of 7.5%.
\u00b7 <\/span>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).
\u00b7 <\/span>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).<\/p>\n
\u00b7 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%).<\/p>\n
\u00b7 The Board agreed a 10% owners\u2019 general discount on an ETC basis for vessels renewed by members with Gard for the 2024 policy year.
<\/span>\u00b7 <\/span>As in previous years, underwriters will also make individual assessments based on price levels and loss records.<\/span><\/p>\n
\u00b7 JPI will levy a budgeted supplementary call of 40% for 2022 policy year. Payment due date will be 31 January 2024.
<\/span>\u00b7 There will be no general increase for FD&D cover. Members\u2019 rates will be adjusted as appropriate to reflect their individual claims record.<\/span><\/p>\n
\u00b7 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.<\/p>\n
\u00b7 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).<\/p>\n
\u00b7 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.<\/p>","protected":false},"excerpt":{"rendered":"