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.

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

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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