West, like many other Clubs, have highlighted that whilst their own claims for the 2025/26 policy year are within their initial forecast, the incurred cost of the 2025/26 International Group pool claims is very high at this stage of the year. This follows hot on the heels of the 2024/25 policy year which has the highest incurred cost of any year at its current 20 month point.
The Club are forecasting that their combined ratio will be just under 100% at year end and have managed a 5.9% return on investment but, despite this, remain mindful of the volatile claims environment and continued inflationary pressures.
As a result they have announced a 5% general increase for mutual P&I and FDD entries. In addition all deductibles under USD 50,000 will be increased by 10%. Changes in the cost of the IG reinsurance programme will be passed on to Members as per usual practice.
Release calls:
P&I
- 2026/27 – 7.5%
- 2025/26 – 15%
- 2024/25 – 15%
- 2023/24 – 7.5%
FDD
- 2026/27 – 7.5%
- 2025/26 – 15%
- 2024/25 – 15%
- 2023/24 – 7.5%
- 2022/23 – Closed
The full circular can be found here.
