4th November 2022
- No General Increases would be applied across the Membership.
- A 10% increase in premiums would be applied in the Yacht sector.
- Increases would be applied as required to Members operating Dry Cargo vessels.
- All adjustments would be inclusive of any additional reinsurance costs that may apply.
- All deductibles under US$ 50,000 would be increased by 10% but subject to a minimum monetary increase of US$ 500.
At the recent Board meeting, the Club has considered its financial position and decided the renewal requirements as above. In addition, the Club circular sets out the main highlights:
- At the half year stage, the Club reported a Combined Ratio of 96.2%, with an underwriting surplus of US$ 4.3m.
- Both claims from the Club’s Membership and to the International Group Pool have been lower than expected which has offset the impact of inflation.
- However, there has been a steady increase in the level of claims from the yacht sector including a number of significant claims in the superyacht sector from the Club’s Membership.
- Inflation will be influential and increases in reinsurance costs for the next year will be expected.
- It has been a significantly challenging year for the investment, but the Club remained well capitalised and that the majority of financial losses remained un- realised.
- The Managers will review Members’ claims records and operational risks, when applying commensurate adjustments in premiums and terms where appropriate. This may include further adjustments to deductible levels.
This Newsletter, and our information archive, can also be accessed at www.plferrari.com
P.L. FERRARI & CO S.r.l.
P.L.Ferrari – A Member of the Lockton Group of Companies This newsletter is intended solely as an overview of the marine market and does not constitute any form of advice. It is based on sources believed to be accurate at the time of printing and we cannot be held liable for the omission of any information within the newsletter.