Northstandard have announced a 5% GI across P&I and FDD classes for both Mutual and Fixed premium entries. This applies only to their bluewater entries with C&I class yet to release their own separate renewal circular.
In addition all P&I deductibles under USD 30,000 will be increased by a minimum of USD 1,000. FDD deductibles will not be subject to any general increases but as always may be increased on a case by case basis.
As usual any changes to the International Group Reinsurance rates will be passed on to Members separately.
The Club has explained that increases were needed on the back of a particularly active year in the pool with claims being larger in value and frequency. This is across the whole IG but the circular does mention that a number of such claims have been experienced by the Club themselves. However, whilst the underwriting results were negatively impacted by such claims (the combined ratio is given as >110%) this has been offset by a positive investment return of around 6%.
Neither the circular or the Pre-Renewal Report mention release calls but the most recent release calls are as below:
2024: 12.5%
2023: 5%
The full renewal circular can be viewed using the below link.
Financial Review and Renewal 2025 | NorthStandard | Marine Insurance
