Norwegian-based P&I specialist Gard has announced a 5% general increase.Gard also announced that the 2008 policy year was closed with no supplementary calls being levied.
In addition, no further deferred calls, or supplementary calls were expected for the 2009 and 2010 policy years.
Based on a combined ratio net target of 105% for P&I, a general increase of 5% for mutual P&I and FD&D entries is required, Gard said.
Claes Isacson, Gard CEO, said "Our key responsibility is to manage our business to preserve the long term strength to the benefit of our owners and policyholders. A key part of that is the correct rating of our mutual book. General premium increases are used to ensure that income remains in line with expected claim costs, taking into account shipping liability trends and other claims inflation factors.
"Planning for a CRN of 105% means that Gard is helping members by running the P&I portfolio below cost. This is a part of our dividend strategy, alongside reducing the deferred call when our financial results exceed expectations. During the last two policy years the P&I mutual premium was reduced by approximately $68 mill due to reductions in the deferred call," he concluded.
At rival UK P&I Club, seven directors were elected to the board at its AGM held in Athens on the 27th October.
"Ά Ibrahim GΓΌngen - CEO of GΓΌngen Maritime & Trading, Ankara, Turkey.
"Ά Grahaeme Henderson - vice president shipping, Shell International Trading and Shipping Company London, UK.
"Ά Datuk Nasarudin bin Mohd Idris "“ president and CEO of MISC Berhad, Kuala Lumpur, Malaysia.
"Ά Ng Yat Chung - executive director of Neptune Orient Lines, Singapore.
"Ά Paul Pathy "“ joint CEO and president of Fednav, Montreal, Canada.
"Ά Eamonn Rothwell - CEO of Irish Continental Group, Dublin, Ireland.
"Ά Nikolaus Schues "“ CEO of Reederei F Laeisz, Hamburg. Germany.
Source: Tanker Operator