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P&I
- An overall increase of 5% in average rates is targeted.
- There were no reported changes in the deductibles
FD&D
- An overall increase of 5% in average rates is targeted
- There were no reported changes in the deductibles
Performances:
- Mutual tonnage on risk increased by 12% compared to the prior year
- There was a modest underwriting deficit due to Mutual P&I's retained claims being slightly higher than forecasted and a larger than expected increase in the cost of claims incurred by clubs in the pool.
- This underwriting deficit was more than offset by a return on investments and cash of 4.8% for the period.
- The Club’s regulatory solvency ratio strengthened to 204%.
Premium adjustments:
- The Board continues to be mindful of the impact of a small number of higher severity claims, the upward pressure on the cost of Club claims and Pool claims,and other inflationary factors. Against this background, while no general increase is being set, an overall increase in average rates of 5% is being targeted.
- For FDD, the target is an overall increase in average rates of 5% with renewal terms specifically based on the loss records and risk profiles of individual members.
Release Calls:
- The Board has confirmed that the 2021/22 policy year should be closed and reached the following decisions in respect of Release Call rates:
P&I
2022/23: 5%
2023/24: 12,5%
2024/25: 15%
FD&D
2022/23: 5%
2023/24: 12,5%
2024/25: 15%
