The Club announced a 9% increase in entered tonnage in the first half of the year, which was mainly attributed to existing Members entering additional tonnage in the Club.
Despite this increase in tonnage the Club anticipated a modest underwriting deficit for the year, mainly due to pool claims and claims above USD 1m being higher than anticipated.
This underwriting deficit was offset by a 4.5% return on investments at the half year point, rising to 7% at the eight month point.
As a result of the announced underwriting deficit the Club have set an overall target premium increase of 6% for P&I and FDD. In addition, the Club will require a minimum increase of USD 2,000 for all P&I deductibles below USD 20,000.
Any changes to the GXL reinsurance programme will be passed on to the Membership in the usual way.
The Release Calls have been set as below:
- 2026/27: 15%
- 2025/26: 15%
- 2024/25: 12.5%
- 2023/24: 5%
The full circular can be found here.
