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The renewal of the International Group Reinsurance was concluded in October 2017 with a small but welcome reduction. Early indications pointed towards either a small increase or static premiums. The string of catastrophe losses last year resulted in premiums solidifying, so this was a pleasing result.

Once again some talk of introducing new categories was raised, but status quo remains with the current four. Similarly any appetite for increase in retention has been firmly parked.

Last year also saw a steady rise in claims and an increase in potential pool claims. To date only the “KEA TRADER” is expected to reach the group reinsurance programme. However, we understand some deterioration has been repeated in a number of claims from previous years.

2017 and 2018 Policy Year Rating Comparison

Vessel Type 2017/2018 2018/2019 Difference
Dirty Tankers 0.5955 0.5845 -1.85%
Clean Tankers 0.2675 0.2626 -1.83%
Dry Cargo 0.4114 0.4038 -1.85%
Passengers 3.3319 3.2707 -1.84%

Above figures are expressed as USD per GT per annum

Reinsurance 2018 group graphic