At its recent meeting in Copenhagen, the Board of Directors of the Gard group agreed on the premium policy for the 2024 policy year.
Owners’ general discount (OGD)
- Gard Group is well-capitalized and holds an A+ (stable outlook) financial rating from Standard and Poor’s, the highest among P&I clubs in the International Group.
- Despite high volatility in the business lines, the group has demonstrated a strong insurance performance over the past decade, maintaining stability relative to peers.
- The group’s investments have performed well, allowing the maintenance and growth of a solid capital base to support future developments in the insurance portfolio.
- As a result of the strong capital situation, the Board has approved a 10% Owners’ General Discount (OGD) for vessels renewed by members with Gard for the 2024 policy year.
- This marks the 15th consecutive year that Gard is returning capital to its mutual membership.
Inflation and claims costs
The Board expressed satisfaction with the development of the Association with the mutual P&I portfolio currently offered at competitive pricing levels. However, with inflation still running high, the Board noted that there is a need to ensure that the
Premium adjustments will therefore have to be applied to maintain predictability and relative stability in the portfolio going forward. To this end, the Board of Directors has decided to levy a five per cent premium increase on ETC for the 2024 renewal.
Adjustments on the International Group’s reinsurance rates will be passed on to Members by usual practice. Any future excess capital for Gard as a group will continue to be deducted from the agreed ETC premium through an Owners’ General Discount.
Review of policy years
At its meeting, the Board of Directors approved the following decisions regarding the Estimated Total Call and Release Calls for open policy years for the group’s Members:
Open policy years
2021 policy year: The year is expected to be closed in November 2024 with no further calls. The year was underwritten with a 5% Owners’ General Discount (OGD) on the ETC.
2022 policy year: The year is expected to be closed in November 2025 with no further calls. The year was underwritten with a 5% Owners’ General Discount (OGD) on the ETC.
2023 policy year: The year was underwritten with a 5% Owners’ General Discount (OGD) on the ETC. The ETC less the OGD should be maintained.
Release calls
- 2021 policy year: 5 per cent
- 2022 policy year: 5 per cent
- 2023 policy year: 10 per cent
- 2024 policy year: 10 per cent
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Source: Gard
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