International Group Reinsurance Programme for 2017/18 Policy Year
We are pleased to announce that the International Group (IG) Reinsurance Programme for 2017/18 policy year has now been concluded.
1. General Structure
The general structure of the IG Reinsurance Programme for 2017/18 policy year is as follows;
|
● Club retention |
:USD10 million (unchanged) |
|
● Pool retention |
:USD100 million (USD90 million in excess of USD10 million) |
|
● General Excess Loss Cover |
:USD2 billion (USD2 billion in excess of USD100 million) |
|
● Collective Overspill Cover |
:USD1 billion (USD1 billion in excess of USD2.1 billion) |
Please see the attached diagram for further details of the programme.
2. Limits on the Cover
The following special limits on the Club cover for 2017/18 policy year are applied to the Owners’ entry.
| Oil Pollution | :USD1 billion |
| Passenger | :USD2 billion |
| Passenger and Crew combined | :USD3 billion |
3. The IG Reinsurance rates for 2017/18 policy year
The IG Reinsurance rates per GT for 2017/18 policy year including the excess war risks cover and MLC reinsurance cover are as follows;
|
Category
|
2017 PY
|
% change from 2016 PY
|
|
Dry Cargo
|
￠41.14
|
▲9.32%
|
|
Dirty Tanker
|
￠59.55
|
▲9.32%
|
|
Other Tanker
|
￠26.75
|
▲5.01%
|
|
Passenger
|
￠333.19
|
▲5.00%
|
4. Background on the changes in rates
The 2016/17 policy year has so far produced no claim which exceeds the pool retention of USD80 million and therefore impacts on the General Excess Loss Cover. This, combined with increased market capacity, has resulted in a rate reduction for all categories of vessels.