The International Group reinsurance sub-committee announced yesterday that it had concluded terms for 2015 in respect of the excess of loss reinsurance.
The Club will formally publish its customary circulars following the board meeting at the end of January. The revised rates for the 2015 policy year are set out below and an explanation of the background to the renewal is
International Group General Excess of Loss Reinsurance Contract Renewal 2015 policy year
The International Group RI rates (per GT) including Hydra premium, Collective Overspill Cover and excess war risk P & I ($0.00725) for the year commencing 20 February 2015 are as follows:-
Tonnage Category 2015 rate per gt % change from 2014
DIRTY TANKERS
$0.7317
% - 8.11
CLEAN TANKERS
$0.3138
% - 8.11
DRY CARGO VESSELS
$0.4888
% - 6.05
PASSENGER VESSELS
$3.7791
% 0.00
U.S. Oil Pollution Surcharge 2015
Following the decision taken for the 2014/15 policy year, the surcharge will remain at nil for 2015/16
Downloads
International Group reinsurance renewal update January 2015 (135 KB)
A major strength of the International Group remains its pooling arrangements and the General Excess of Loss and Collective Overspill Programme (GXL programme), which provides shipowners with un-paralleled levels of cover. All shipowners will be aware of the hardening reinsurance market and upward pressure on premiums. Despite this, the longevity and relative stability of the GXL programme has enabled the Group to achieve renewal for 2020/21 on expiring rates for shipowners. Of additional benefit, the US$2 billion excess of US$100 million placed in the commercial market has been confirmed for two years. This will help provide a degree of reinsurance pricing stability for the next two years whilst maintaining flexibility to fund claims within the Pool.
