Shipowners

Summary of announcement

Shipowners have announced a General Increase (GI) of 5%, inclusive of reinsurance costs. Whilst the Club's claims experience, in terms of the number of claims, has been stable, the quantum for claims with an estimated value up to US$ 3m is at the highest level since 2020. The Club cited adverse claims to the International Group Pool and the impact of claims inflation in its decision to instate a GI.

The Club reported a 99.6% Combined Ratio at the half-year stage; whilst still an underwriting surplus (USD 0.6m), this is down from 95.8% (USD 5.4m) at the same stage last year. Despite an absence of very serious incidents in the year to date, the impact of members' claims, and the continued high level of International Group Pool Claims would result in the 2025 Combined Ratio exceeding 100%.

For the first time since 2023, Shipowners announced a P&I deductible increase of 10%, subject to a minimum monetary increase of USD 500.

The Club is forecasting a positive investment result.

Further details can be found in the Club's bulletin, here.