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P&I mutual and fixed premium entries (Bluewater)
- 5% increase in premium rates
- All deductibles below US$30,000 will be increased by a minimum of US$1,000.
- Release call at 12.5%
- Members’ rates will be adjusted to incorporate any changes in the structure of the General Excess of Loss reinsurance programme.
FD&D entries (Bluewater)
- 5% increase in premium rates
- Maintaining the FD&D Rules deductible of 25%, with the minimum of US$10,000 per claim.
- Release call at 12.5%
The Club noted during the recent board meeting that whilst a relatively favourable claims experience last year, there have been high value claims over US $1M this year. The investment performance in the year to date has also seen continued volatility, due to the war in the Ukraine and further geopolitical instability in other parts of the world. As a result, it was noted that the consequent impacton general claims and expense inflation worldwide added further complexity to claims forecasting.
Given the above, and whilst the board is focused on the need to support the Member, the Club considers that there is no doubt that inflationary pressures will continue to impact the claims experience next year, and therefore it was decided that responsible action needs to be taken to increase premium rating levels to contend with these inflationary pressures as well as the expect ed impact of rating churn on insurance premiums, and to preserve the financial equilibrium of the Club. Members with adverse Loss
Record will see their rates and terms adjusted to ensure that they make an equitable contribution.
