Steamship Mutual

Summary of announcement

Steamship have announced an 8% General Increase (GI) for all classes of business without a return of capital for the 2026-2027 Policy Year. At the six month stage, the Club reported higher than budgeted retained claims for the 2025/26 policy year and back year deterioration, relating primarily to the 2024/25 policy year, in both Pool and retained claims. Investment returns are, however, positive at +4.3%, increasing the Club's total assets to USD 1.5bn.

Additionally, Steamship's Board decided that 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.

For FD&D, the minimum deductible will be increased to no less than USD 10,000 and the maximum Member contribution to no less than USD 75,000.

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