Gallagher 2023/24 P&I Renewal Summary

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 10%   N/A
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.