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Q1 2022

Protection and Indemnity Club Renewals

Aerial top view of green oil tanker cargo vessel under cargo operations on typical shore station.

, 

10/26/2021

The average change in 2022 advance calls (premiums) for mutual P&I entries in the individual P&I clubs that form the 13 strong International Group of P&I Clubs[i] is approximately 12% as an average of those imposing general increases (excluding Skuld and Gard, which will access individual member’s performance). This compares to an average rise of 6.50% in 2021.

The general reasoning behind premium increases from individual clubs has been the cost of mutual P&I claims in the current year being at an elevated level, with a high frequency of claims involving COVID-19 being a particular factor, along with the average severity of claims on the IG Pool being unusually high.

The individual changes are as follows:

American Steamship Owners Mutual Protection and Indemnity Association 12.5%
The Britannia Steam Ship Insurance Association 12.5%*
Gard P&I **
The Japan Ship Owners' Mutual Protection & Indemnity Association 10%
The London Steam-Ship Owners' Mutual Insurance Association 12.5%
The North of England Protecting & Indemnity Association 15%
The Shipowners’ Club 5%
Skuld Mutual Protection and Indemnity Association **
The Standard Club 12.5%
The Steamship Mutual Underwriting Association 12.5%
The Swedish Club 12.5%
United Kingdom Mutual Steam Ship Assurance Association 12.5%
The West of England Ship Owners Mutual Insurance Association 15%

*overall target but each member to be assessed separately
**each member assessed separately but indicated rate increases will be applied

Source: individual club circulars

[i] before adjustment for individual loss records, changes to risk profile, or for changes in reinsurance costs

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