Reinsurance
R/I Rates 2009/2026
Club Abatement Levels
* $2.5m plus 10% of the difference between the Pool retention of $10m, or the actual gross claim amount if lower, and $2.5m
Retained pool claims excess of club retention - in USD millions
The international group retention, pooling and reinsurance structure
2025/2026
2026/27 Reinsurance Renewal:
The 2024/25 and 2025/26 policy years have seen a return to higher levels of pool activity.
Changes to the programme:
- As part of the GXL, the IG has arranged four private placements amounting to 27.5% of Layer 1 of the programme (USD650m xs USD100m) reducing the market share of Layer 1 from 75% to 72.5%.
- Layer 3 of the GXL programme has increased from US$600m excess of US$1.5bn to US$850m excess of US$1.5bn. This means that the IG’s Collective Overspill cover of US$1bn is now excess of US$2.35bn.
War Cover:
The excess War P&I cover will be renewed for 2026/27 for a period of 12 months, this is included in the total rates charged to shipowners.
However, due to the ongoing active war between Russia and Ukraine, the IG’s Excess War reinsurers have maintained their requirement for Territorial Exclusion language (consistent with exclusionary language already applied by reinsurers for Primary War P&I coverage) for vessels trading in these waters. As such the Group continues to purchase aggregated sub-limited cover from the reinsurance markets to cover the Russia/Ukraine/Belarus excluded risks but this has increased from US$100m in 2025/26 to US$125m for 2026/27.
Cost Allocation:
The vessel categories remain unchanged.
Adjustments are agreed based on each vessel category, historical claims performance against the GXL.
The 2026/27 rates are set out below:
IG’s Reinsurance Committee update:
The IG also announced that Bjornar Andresen (Chief Underwriting Officer at Gard) will be succeeding Mike Hall as Chairman of the IG’s Reinsurance Committee for the 2027/28 renewal.