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P&I club renewal update 2024

Our annual P&I club renewal updates provide information on P&I club renewal policies, supplementary call history, general increase history, International Group reinsurance rates, and P&I release calls.
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11/19/2023

Our annual P&I club renewal updates provide information on P&I club renewal policies, supplementary call history, general increase history, International Group reinsurance rates, and P&I release calls.

P&I club renewal 2024

General increase update

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P&I Renewal Tracker

Date of committee meeting General increase Percentage general increase P&I Percentage general increase FD&D* Capital return to members Deductible changes Comments Link to P&I club announcement
American Nov 15-16
Britannia Oct 24 NO 0% 0% YES No mandatory increase but deductibles will be reviewed depending on risk and record.

There is no declared P&I general increase and members will continue to be underwritten individualy. Britannia's Board has targeted an improvement in premium equal to a 7.5% increase on the expiring Britannia P&I Estimated Total Call.

For FD&D again there is no declared P&I general increase and members will continue to be underwritten individualy. Britannia's Board has targeted an improvement in premium equal to a 15% increase on the expiring Britannia FD&D Estimated Total Call.

Britannia has agreed to a Capital Distribution of US$10 million linked to members on risk at midnight (BST) October 24 2023. The distrubiton will be made from December 13 and is not conditional on renewing P&I cover in 2024.

 Calls - Class 3 P and I and Class 6 FDD (britanniapandi.com)
Gard w/c Oct 30 YES 5% 5% YES No mandatory increase but deductibles will be reviewed depending on risk and record. Gard will make individual member assessments on required renewal increases, based on price levels and loss records. The Owners General Discount (OGD) has been increased to 10% for the 2024 policy year. Gard Member Circular
Japan Nov 20
London Oct 17-18 NO 0% 0% NO No mandatory increase but deductibles will be reviewed depending on risk and record. London Club has not set a general increase and is targeting a 7.5% increase in average rates for both P&I and FD&D. Renewal terms will be based on individual member's loss records and risk profile. London Club Renewal Circular
NorthStandard w/c Nov 13
Shipowners’ Oct 31 YES 5% 5% NO No mandatory increase but deductibles will be reviewed depending on risk and record. The 5% general increase applies to all vessel types except yachts which will be "As Expiry". Renewal 2024/2025 | Shipowners (shipownersclub.com)
Skuld Nov 14
Steamship Oct 23-24 YES 5% 5% YES No mandatory increase but deductibles will be reviewed depending on risk and record. Subject to regulatory approval, there will be a distribution equivalent to 7.5% of the 2023/24 mutual P&I premium. Steamship Mutual Circular
Swedish Dec 7
UK Nov 6 YES 7.5% N/A NO An increase of 10% to apply to all deductibles up to US$50,000 with a minimum increase of US$1,000 to apply. The club may propose higher deductibles as part of the renewal terms for members with adverse records. UK Club Renewal Circular
UK Defence Club Nov 16 N/A
West Nov 6-7 YES 7.5% 5% NO An increase of 10% will be applied to all deductibles below $50,000. For members with adverse records, additional action will be taken where necessary with rates and terms adjusted as appropriate to reflect record and/or risk exposure. West of England Renewal Circular
Source: Marsh Specialty
* FD&D is freight, demurrage and defence

This report has been produced by Marsh Specialty in the UK. Marsh Specialty is a trading name of Marsh Ltd.

 

To discuss further details of a club’s policy, or other P&I club issues, please contact your Marsh advisor.

Our people

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Jennie Page

Head of Marine, Marsh Specialty Pacific

Luke Dheir

Luke Dheir

Principal, Marine - Pacific

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This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. Any modelling, analytics, or projections are subject to inherent uncertainty, and any analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change. LCPA 23/493

“Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.”