With the release of The Swedish Club’s renewal announcement, all the Group Clubs have now stated their intentions for policy year 2023-24.
Broker Gallagher has provided a helpful summary, reproduced below.
|Club||General Increase||Returns||Deductible Increase|
|American||No G/I (minimum 10% applied on all A/E premiums)||P&I deductibles below $ 50,000 will be subject to a 10% increases, with a minimum increase of $ 1,000.|
|Britannia||No G/I (P&I target of 10% and 15% FD&D)||P&I deductibles to inc. by $1,000 as follows: Crew – $7,000, Cargo – $19,500, All other – $13,500.|
|Gard||No G/I (seeking 5% to 7% from Members with acceptable records)||5% Owners General Discount for 2023 PY.||N/A|
|Japan||10% P&I and FD&D||N/A|
|London||No G/I – individual records to be considered.||N/A|
|North||10% P&I, 15% FD&D||P&I crew/people deductibles under $50,000 will increase by a min of $2,500 and cargo/other deductibles will increase by a min of $1,000.|
|Skuld||Based on individual records but seeking 10%.||N/A|
|SOP||No GI (10% for yacht entries).||P&I deductibles below $50,000 to increase by the greater of 10% or $500.|
|Standard||10% P&I and FD&D||P&I deductibles will increase by 10% with a minimum of $2,000 for crew and cargo claims.|
|Steamship||7.5% for all classes of business.||All P&I deductibles below $50,000 are subject to a 10% increase.|
|Swedish||10% P&I 15% FD&D||Recommended minimums for Cargo, Crew, Third Party and Other Liabilities. +10% if above minimum.|
|UK Defence||5%||The “whole fleet” credit of 2.5% will continue to apply for 2023-24 premium.||N/A|
|West||10% P&I 15% FD&D.||P&I rules deductibles unchanged – Other deductibles to rise by 10% with a minimum increase of $2,500.|