UK P&I Club, a shipping protection and indemnity
insurance mutual, has announced a general increase in 2013 renewal fees of 7.5
per cent in 2013 as agreed at its annual board meeting.
The premium rating increase is in addition to any
increase in the cost of the international group reinsurance premium for 2013
for the mutual members, which will be determined in the New Year, a company
statement said.
It said that in recognition of the challenges faced by
its members and the Club's strong capital position, the board has separately
declared a Mutual Premium Discount of 2.5 per cent on the total mutual call for
the 2011 policy year. The discount will amount to a 10 per cent deduction for
all mutual members for the final instalment of the 2011 call due in December
this year.
"In an environment of increasing claims costs
despite a shipping recession, the Club needs to keep premiums moving forward in
line with the actual claims experience. The general increase is a step towards
addressing underlying claims inflation, as well as the anticipated future
rebound in claims frequency from what have been record low levels," the
release said.
Dino Caroussis, chairman of the UK P&I Club said:
"The decision to make a 7.5 per cent general increase reflects the board's
determination to keep the Club's underwriting in balance."
Source : HKSG.
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