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Protection and Indemnity (P&I) Club Renewal Update 2022

The Marsh Specialty protection and indemnity (P&I) renewal tracker provides live information and analysis about the P&I club renewal policies published so far and details of when to expect to hear from those yet to announce.

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

25/10/2021

Our latest P&I Club Renewal Update 2022 provides 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 Update 2022

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Update on the fourth quarter 2021 P&I club committee meetings 

The tracker below provides details of the renewal policies announced. Note that in every case the anticipated increases in all categories of International Group Excess of Loss reinsurance rates will be applied separately to members’ rates.

P&I Renewal Tracker

Date of committee meeting General increase Percentage general increase P&I Percentage general increase FD&D* Deductible changes Comments Link to P&I club announcement
American 18 Nov Yes 12.5% 12.5% No changes. The club has advised that 12.5% is a minimum increase for both P&I and FD&D. Supplementary calls on the 2018 and 2019 policy years. Members are advised to budget for a 35% supplementary call on the 2020 policy year but a decision on this will be deferred until the first half of 2022. Any uplift in the club's own whole account reinsurances will be adjusted separately and in addition to the minimum 12.5% increase. American's announcement
Britannia 19 Oct No N/A N/A New minimum deductibles: crew US$6,000/cargo US$18,500 /all other claims US$12,500. While there is no general increase for Britannia members, the club has a target of increasing its overall premium income by 12.5% and its FD&D premium by 15% at the 2022 renewal. Britannia simultaneously announced that on 6th December 2021 it will distribute to members US$25million in surplus capital. Britannia's announcement
Gard 25 – 28 Oct No N/A N/A No changes. While there is no general increase, members rates will be adjusted to reflect their risk profile and claims record. An owners discount of 5% on the agreed ETC for the 2022 policy year has been agreed by the board. Gard's announcement
Japan 17 Nov Yes 10% 10% No changes. The calculation of loss records will change from a gross basis to a net basis (reinsurance, pooling, and abatement costs will also be taken into account). The number of years on the loss record used for renewal will increase from five years to six years. Japan's announcement
London 13 Oct No N/A N/A No changes. No general increase is set but the club is targetting an increase in rates of 12.5% across both P&I and FD&D. Supplementary calls on the 2019, 2020, and 2021 policy years aiming to raise around US$70 million have been announced. London's announcement
North 17 Nov Yes 15% 7.5% All deductibles below US$50,000 except for crew and people are to be increased by a minimum of US$2,500 per deductible. All deductibles below US$50,000 for crew and people are to be increased by a minimum of US$5,000 per deductible. 7.5% of the 15% P&I general increase is compulsory for all members irrespective of record and performance and is attributable to the costs of the clubs' IG pool claims. North's announcement
Shipowners’ 8 Nov Yes 5% 5% No changes. As in previous years, the club will absorb any change to the cost of the XSRi programme. Shipowners' announcement
Skuld 2 -4 Nov No N/A N/A No changes. The minimum market adjustment of 10% for all mutual P&I and FD&D members will be regardless of performance. Additional individual adjustments will be made for members with challenging records. Skuld's announcement
Standard 18 Oct Yes 12.5% 12.5% All P&I deductibles to be increased by 10%, subject to a minimum increase of US$2,500 for cargo and US$7,500 for collision/fixed and floating objects. There will be no change to FD&D deductibles. The club will apply additional premium adjustments for those members wishing to maintain their existing deductibles. Standard's announcement
Steamship 25 -26 Oct Yes 12.5% 12.5% Deductibles of US$100,000 or below to be increased by 10%. None Steamship's announcement
Swedish 1 - 2 Dec Yes 12.5% 15% Deductibles to be addressed individually for members. The announced general increase and adjustments will be applied to the net premium applicable for the policy year 2021/2022 (gross premium less commission if applicable.) Swedish Club's announcement
UK 18 Oct Yes 12.5% UK defence will announce separately. No changes. Members with “adverse” records are warned to expect higher increases (than the 12.5% general increase). UK Clubs' announcement
West 14 Oct Yes 15% 15% Other than “Rules” deductibles, all deductibles to increase by 15% and a minimum of US$2,500. The language of West’s announcement indicates the 15% general increase will be applied as a minimum, with additional increases or changes in terms to be applied to members with adverse records. West's announcement
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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