2021 P&I Reinsurance Arrangements For International Group P&I Clubs

The 2021 policy year reinsurance arrangements have been concluded and can be viewed at the International Group's website.

WHAT HAS CHANGED

Reinsurance categories

A new fifth reinsurance category has been created for Fully Cellular Container Ships (FCCs), which has been split from the 'Dry' reinsurance category.

Reinsurance cost

A change in Estimated Total Call reinsurance rates in US$ per GT will apply as follows from 20th February 2021:
 

Persistent Tankers
From US$ 0.5747 / GT to US$ 0.5625 / GT
Reduction of US$ 0.0122 / GT, ie a - 2.1% change
 

Clean Tankers
From US$ 0.2582 / GT to US$ 0.2619 / GT
Increase of US$ 0.0037 / GT, ie a +1.4% change
 

Passenger vessels
From US$ 3.2161 / GT to US$ 3.2624 / GT
Increase of US$ 0.0463 / GT, ie a + 1.4% change
 

Fully Cellular Container Ships (FCCs) [new category]
From US$ 0.3971 / GT to US$ 0.4249 / GT
Increase (from the 'Dry' category of 2020) of US$ 0.0278 / GT, ie a + 7.0% change
 

Dry / Other
From US$ 0.3971 / GT to US$ 0.4028 / GT
Increase of US$ 0.0057 / GT, ie a + 1.4% change

REINSURANCE STRUCTURE FOR THE 2021 POLICY YEAR

An illustration of the reinsurance structure for the coming policy year is shown below:

For any questions regarding the contents of this Marine Client Advisor or for any other marine insurance enquiries please do get in touch. 

Howden Insurance Brokers is not a technical, commercial or legal adviser. Any commentary made in this document should not be construed as such, and we do not guarantee in any way the accuracy of the resources used or referenced in this document. In case of doubt, formal advice should be obtained that is directly relevant to your circumstances.