The Gard Group approved the premium policy for 2027 at its latest board meeting. This decision was made to strengthen the financial position and sustainability of the group's insurance portfolio. The Gard Group, with strong investments and an A+ (stable outlook) rating from Standard & Poor's, holds the highest rank among international P&I clubs.
General Discount for Owners
Due to its strong financial position, the Gard Group announced a general discount of 10 percent (OGD) based on the Estimated Total Call (ETC) for vessels renewed by members for 2027. This discount will help shipowners reduce insurance costs in the current economic conditions.
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The board also expressed satisfaction with the group's positive developments and announced that the group's P&I insurance portfolio is being offered at competitive pricing. However, attention to costs arising from inflation and insurance claims necessitates adjustments to maintain stability in the insurance portfolio.
Average Premium Increase
To maintain relative stability in the insurance portfolio, the board decided to implement an average increase of 4 percent in premiums based on ETC for the 2027 renewal. As in previous years, individual assessments will also be conducted based on price levels and claims history.
Adjustments related to the rates of the international group's insurance policies will also be communicated to members. Additionally, any surplus capital in the Gard Group will be deducted from the agreed general discount on the ETC premium.
Review of Insurance Years
In the recent meeting, the board confirmed that the 2023 insurance year will close without attracting supplementary costs. Decisions were also made regarding the Estimated Total Call and free costs for open insurance years:
- Insurance Year 2024: Expected to close in November 2027 with no supplementary costs applied. This year is covered with a 10 percent general discount (OGD) based on ETC.
- Insurance Year 2025: Expected to close in November 2028 with no supplementary costs applied. This year is also covered with a 10 percent general discount (OGD) based on ETC.
- Insurance Year 2026: This year is covered with a 10 percent general discount (OGD) based on ETC.
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