Britannia have now released their 2025/26 renewal circular with key highlights below:
A minimum rise in P&I premiums of 7.5%, no minimum rise in FDD announced.
A target additional 2.5% rise in overall Club income coming from remedial action for those accounts where 7.5% is not sufficient.
Minimum P&I deductibles to increase as follows:
Crew USD 10,000 (up from USD 7,000)
Cargo USD 22,500 (up from 19,500)
All Others USD 15,000 (up from USD 13,500)
For FDD the deductible will be amended to 1/3rd of the total costs, no maximum, up to policy limit. This is significant move away from the current structure which is a USD 7,500 reverse deductible with a USD 150,000 cap on Member contributions.
Mutual P&I Members will be eligible for the announced Capital Distribution which amounts to 18% of net premium. This is approximately 12% on the gross premium payable. In cash terms this amounts to USD 30m and brings the total capital distribution since 2017 to USD 160m.
Release calls are not specifically mentioned in the renewal summary but have been set out separately as below:
P&I
2022/23 – 0%
2023/24 – 5%
2024/25 – 7.5%
2025/26 – 15%
FDD
2022/23 – 0%
2023/24 – 5%
2024/25 – 10%
2025/26 – 20%
The full summary and circular can be found below:
