Group Excess Reinsurance Rates 2011/2012
Please find below the overview of the Group Excess Reinsurance Rates 2011/2012. We are pleased to note the Estimated Total Cost (ETC) rates show reductions in all four categories this year. Clean Tankers will receive the largest percentage reduction (8.40%), while Dry Cargo rates are being reduced for the first time since 2007.
Those Clubs still charging an Advance Call will apply a proportion of the new rates to their Advance Call Rate, according to the level of their estimated Deferred Call.
|
2010/11 |
2010/11 |
Reduction |
Adjustment in ETC Rate |
|
|
USD |
USD |
% |
USD |
|
|
Tanker Dirty |
0.7554 |
0.7038 |
6.83 |
0.0516 |
|
Tanker Clean |
0.3335 |
0.3055 |
8.40 |
0.0280 |
|
Dry |
0.3867 |
0.3709 |
4.09 |
0.0158 |
|
Passenger |
1.5654 |
1.478 |
5.58 |
0.0874 |
For chartered tankers, reinsurance costs including $0.0037 per GT for excess war risks will be $0.1768, and for chartered dries $0.0861 (both rates reduced from 2010).
The Group has decided with effect from 20 February 2011 to increase the excess point on the GXL contract from US $50m to US $60m. The resultant additional US $10m of retained risk within the Group pool will be 100% reinsured by the Group captive, Hydra.
2011 Oil Pollution Surcharge US Voyages
For 2011, rates have been reduced by 12.5%. This results in the following voyage surcharges for 2011:
Laid Up Rates
