P&I
- 6,5% general increase for the policy year 2025/2026
- Increase in all deductibles (up to $50,000) of 10% (with a minimum increase of $1,000)
Following the Club's recent Board meeting in Singapore on 4 November 2024, please find below the detailed highlights and developments:
Premium adjustments:
- For the 2025/26 renewal the Directors agreed a General Increase of 6.5%. In setting this figure the Directors considered the overall claim inflation and the recent increase in numbers of high profile claims reported to the pool.
- To help address attritional claim inflation the Directors also mandated an increase in all deductibles (up to $50,000) of 10% (with a minimum increase of$1,000).
Investment performance:
- Investment markets performed well for the UK P&I Club during the year. At the halfyear, the Club's investment return was higher than expected for the full year and therefore, assuming no major financial market up heaval, a positive return is expected for the portfolio.
Underwriting results:
- Significant uncertainty in the Club's year-end underwriting result, as most claims are reported in the second half of the year.
- By contrast, the Club's claims costs for the first half of the 2024 policy year are encouragingly lower than in recent years.
Club’s strategies:
- The UK P&I Club relaunched a Loss Prevention framework early in 2024 as “Safety& Risk Management” covering five critical towers: Fleet Quality, Loss Prevention, Industry Collaboration, Crew Wellbeing and Environment
- A survey of members and brokers was conducted during the summer: the encouraging results will also help the club to improve its business strategy in a number of areas.
- The Club will launch a new website later this month.
Industry Issues:
- The UK P&I Club would like to point out that the restrictions imposed by the UK and EU on cargoes to and from Russia have increased the obligations on insurers and therefore more in-depth investigations and enquiries will be carried out.
Release Calls:
- The Board agreed the open year release calls at:
2022: 5%
2023: 7,5%
2024:10%
2025: 15%