The Board observed that prior years continue to develop ahead of budget, at the same time as Pool Claims are at a high level. In order to address the imbalance between premium and claims and sustain the Club’s objective of a break even combined ratio, the Club will apply a 5% General increase for 2026 renewal, inclusive of any changes to reinsurance costs.
The Club will also increase P&I deductibles by 10%, subject to minimum USD500.
Notwithstanding the above, the Club will review individual Members risks and deductibles and seek adjustment as necessary.
The Club’s renewal position is available in the Renewal Circular.
In a separate circular the Club have announced that their CEO – Simon Peacock – will retire in June 2026. He will be replaced with current CFO – Marcus Tarrant – from the same date.
The full circular can be read below here The Shipowners’ Club announces new CEO – The Shipowners’ Club
