2012 Reinsurance rates announced

The International Group reinsurance sub-committee announced today that it had concluded terms for 2012 in respect of the excess of loss reinsurance and the oil pollution surcharge for US voyages.

The Club will formally publish its customary circulars in due course, however, Members may wish to be aware of the proposed rates for the 2012 policy year.

International Group General Excess of Loss Reinsurance Contract Renewal 2012 policy year

The International Group RI rates (per GT) including Hydra premium, Collective Overspill Cover and excess war risk P & I for the year commencing 20 February 2012 are as follows:-

General Excess of Loss Reinsurance Rates 2012Tonnage Category2012 rate per gtchange from 2011

DIRTY TANKERS $0.6515 - 7.43 %
CLEAN TANKERS $0.2798 - 8.41 %
DRY CARGO VESSELS $0.3561 - 3.99 %


$1.3992 - 5.33 %

For chartered tankers, reinsurance costs including $0.0037 per GT for excess war risks will be $0.1768, and for chartered dries $0.0861 (both rates unchanged from 2011).

U.S. Oil Pollution Surcharge 2012

For 2012, the rates have been reduced by 30% to provide the following voyage surcharges for the 2012 policy year:

2012 Oil Pollution surcharge on US voyagesNon SBTSBT

(A) Tankers of more than 1000 gt   $0.0476 $0.0396 per ton per voyage
  LOOP/Lightening   $0.0238 $0.0198 per ton per voyage
(B) Tankers of 1000 gt or less either $48 $40 per voyage
    or $960 $800 per annum
(C) Parcel tankers carrying less
than 5,000 metric tons of persistent
oil as cargo
  $143 $119 per voyage
(D) Parcel tankers carrying
5,000 - 9,999 metric tons of
persistent oil as cargo
  $357 $297 per voyage

Staff Author