Group Excess of Loss Reinsurance Rates 2013 Policy Year

Please find below the overview of the Group Excess of Loss Reinsurance Rates for the 2013 Policy Year. As widely anticipated in the market, the premium rates show increases in all four categories this year. The biggest increases have hit Passenger Ships (125.08% increase) and Dry Cargo (38.78% increase) which come in the wake of the widely publicised Costa Concordia and Rena claims. Chartered Tankers and Chartered Dry Cargo ships have also been hit with substantial increases.

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. These increases will be applied after the adjustments that have been negotiated with the Club by the Shipowner and their broker.

Reinsurance Rates

Category Rate 2012 Rate 2013 Increase Cents per gt Increase %
Dry Cargo 35.61 49.42 13.81 38.78
Dirty Tanker 65.15 75.65 10.50 16.12
Other Tanker 27.98 32.45 4.47 15.98
Passenger 139.92 314.93 175.01 125.08
Chartered Tankers 17.68 23.96 6.28 35.52
Chartered Dries 8.61 11.67 3.06 35.54