The Shipowners’ Club, a mutual insurance association, announced a 5% general increase in premiums for 2026, which will encompass any adjustments to reinsurance costs. This decision was driven by the effects of inflation and the disparity between premiums and claims. The club’s board emphasized that increases would only be implemented when necessary to maintain underwriting balance.
Additionally, a 10% increase in P&I deductibles will be introduced, with a minimum increase of $500. This marks the first adjustment since 2023. The Club reported stable claims from its members for 2025, although the total value of claims, particularly those estimated at up to $3 million, has reached its highest level since the pandemic year of 2020. Claims to the International Group Pool have also risen compared to the same period in 2024.
Despite not raising premiums in 2025, the Club has seen a steady increase in premium income, although inflation continues to affect overall claims costs. Looking ahead, the Shipowners’ Club anticipates ongoing growth in membership and tonnage in 2026, though economic uncertainties may pose challenges. The Club will continue to evaluate individual claims records and operational risks to adjust premiums and terms accordingly.
