Standard Club announces 5% average rate rise

Standard Club announces 5% average rate rise

The Standard Mutual Protection & Indemnity (P&I) Club has announced an average 5% general increase for its 2015 renewals, which are implemented in late-February.

The move follows the announcement last week by North P&I that its rates would be going up by an average of 4.75%.

Standard said that its increase had been set slightly below its level of claims inflation, which was currently running at about 6%. This, the Club said, reflected its financial strength, high-quality membership and level of expected investment income.

The Club said that it had experienced strong growth. Over the past five years, "free reserves have risen by 52%, total insured tonnage by 19% to 135m gross tons (gt) and premium income by 35%".

Charles Taylor & Co Ltd chief executive Jeremy Grose said that "our strategy is to deliver long-term growth for the Standard Club, based on the twin principles of high-quality membership and financial security". John Reily, Director of Underwriting at Charles Taylor & Co, said that the board had set a renewal "which recognises the difficult economic environment for many ship owners, without compromising the financial strength of the club".

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