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P&I club renewal 2026

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.

12/19/2025

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 2026

General increase update

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P&I Renewal Tracker

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 NO 0% 0% NO For all classes of business, all deductibles of US$25,000 or less, per claim, will be increased by US$1,000 in each instance. While there is no general increase for both P&I and FD&D, the club has a targeted an overall increase in the pricing of risk of 8% on expiring rates. The American Club 2026/27 Renewal Circular
Britannia NO 0% 0% YES 10% increase will be applied to all deductibles below US$50,000 subject to a minimum monetary increase of US$1,000 [*Deductible changes will be valued at US$ equivalent at November 25, 2025 if premium is levied in another currency]. Targeted minimum increase of 5% on expiring P&I and FD&D ETC rates.

A capital distribution of US$15 million will be paid on renewing vessels which equates to approximately 8.5% of net premium (5% on a gross ETC). This will be offset against the first instalment of the 2026/27 policy year.

 Britannia 2026/27 Renewal Circular
Gard NO 0% 0% YES No mandatory increase notified. Gard will levy an average 5% premium increase on ETC for the 2026 renewal and provide a 10% owners’ general discount (OGD) on an estimated total call (ETC) basis for vessels renewed by members with Gard for the 2026 policy year. Gard 2026/27 Renewal Circular
Japan YES 5% 5% NO All deductibles below US$50,000 will be increased by 10%, subject to a minimum increase of US$1,000. Standard deductibles will be changed as follows:

Crew Claim: US$6,000 per accident
Cargo Claim: US$16,500 per voyage
Other Claim*: US$11,000 per accident
* Where individual deductibles are set for 1/4 RDC, etc. (including 4/4 RDC), these will be increased by 10%, subject to a minimum increase of US$1,000.		 A 5% increase in mutual premium rates has been requested with individual claims records to be adjusted further as appropriate.

Credit rating by S&P Global Ratings: BBB+ (with a stable outlook).		 Japan P&I Club 2026/27 Renewal Circular
London NO 0% 0% NO P&I deductibles to see a minimum increase of US$2,000 for all deductibles below US$20,000. While no general increase is set, the London Club has targeted an overall increase of 6% in average rates. Renewal terms will be based on individual member loss records and risk profiles. London P&I Club 2026/27 Renewal Circular
NorthStandard YES 5% 5% NO P&I deductibles below US$30,000 will be increased by a minimum of US$1,000.

FDD deductibles will remain the same at 25%, with a minimum of US$10,000 per claim.		 NorthStandard will continue to review member’s premiums and terms to properly reflect performance and exposure. Members with adverse loss records will have their rates and terms adjusted in excess of the club’s minimum requirements. NorthStandard 2026/27 Renewal Circular
Shipowners’ YES 5% 5% NO 10% increase in P&I deductibles, subject to a minimum monetary increase of US$500.

For LCC claims, where no change to deductible structures has been made for an extended period, minimum and maximum deductibles will be reviewed and members notified individually on the revised structure to apply.		 First deductible increase since 2023.

SOP will review individual records and operational risks, applying adjustments accordingly. This may include adjustments to deductible levels. Any change in reinsurance costs will be absorbed by the Club.		 Shipowners' P&I Club 2026/27 Renewal Circular
Skuld NO 0% 0% NO All lower deductibles to be increased to minimum Skuld standard levels. In keeping with their long-standing philosophy of not having a general increase, Skuld will focus on individual membership performance and has set a target to secure an overall adjustment of 7.5% on premium rates. Skuld 2026/27 Renewal Circular
Steamship YES 8% 8% NO All deductibles in respect of P&I, damage to hull and extra covers should apply to both the underlying claim and all associated fees, costs, and expenses.
In respect of FD&D covers, the minimum deductible will be increased to no less than US$10,000 and the maximum member contribution to no less than US$75,000.		 Due to elevated claims experienced by Steamship, a capital distribution was not made at this time.

The Club’s S&P Global Ratings remains A with a stable outlook.		 Steamship Mutual P&I Club 2026/27 Renewal Circular
Swedish YES 5% 5% NO P&I Standard minimum deductibles:
Cargo US$17,500
Crew US$10,000
Third-party US$30,000
Other US$15,000
All deductibles below standard minimum subject to a minimum increase of US$2,500.		 The club cites continued claims inflation, elevated costs per claim, and the need to maintain a balanced technical result for their general increase.

For FDD entries, deductibles apply on costs as follows: US$12,000 and 25% in respect of costs in excess of US$250,000.		 The Swedish Club 2026/27 P&I Renewal Circular
UK YES 7.5% N/A NO Targeted 10% increase to all deductibles below US$50,000, subject to a minimum increase of US$1,000. Factors to determine the general increase include the challenging result for 2024/5 (primarily attributable to a higher frequency and severity of pool losses, as well as an increase in large loss severity) and attritional loss inflation continuing at approx. 4% per annum with general expense inflation running at a similar level. UK P&I Club 2026/27 Renewal Circular
UK Defence Club YES N/A 5% YES The club continues not to impose mandatory deductibles. The club continues to provide US$15 million cover for any one claim and does not impose mandatory deductibles or claims sub-limits.All existing members renewing into the 2026 policy year will be entitled to a continuity credit of 10%.In addition to the continuity credit, any member whose entire fleet entered with the Club is entitled to a full fleet credit of 5%. UK Defence Club 2026/27 Renewal Circular
West of England YES 5% 5% NO P&I deductibles under US$50,000 will be increased by 10%.

For FD&D entries, no change will be made to the deductible structure.		 AM Best gave the Club an A rating with a stable outlook. S&P Global Ratings were also positive. For members whose records are adverse, additional action will be taken where necessary with rates and terms adjusted as appropriate to reflect record and/or risk exposure. West of England 2026/27 Renewal Circular
Source: Marsh Specialty
* FD&D is freight, demurrage and defence

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

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