P&I Insurance: Supplementary and Release Calls – Policy years 2016-2019
At the meeting on 28 March 2019 the Board of Directors made the following decisions in respect of the open policy years:
2016/2017
To close this year with no supplementary call.
2017/2018
To close this year in the spring of 2020, subject to there being no adverse developments, without any further call being levied, and to keep the release call at 8%.
2018/2019
To not levy a supplementary call, and to amend the release call for this year to 10%.
2019/2020
To maintain the target set at the renewal for 2019/2020, which was to achieve a 0% supplementary call. To keep the release call for this policy year at 15%.
The Club has considered objective actuarial information regarding various risks including premium risk, reserve risk and market risk both in ascertaining the level of the release call percentage and also for assessing the risk that the published level of the expected premium may be exceeded.
Release calls have developed as follows:
|
|
2019 |
2018 |
2017 |
2016 |
2015 |
2014 |
|
2014/15 |
|
|
Close |
5% |
10% |
20% |
|
2015/16 |
|
Close |
3% |
8% |
12.5% |
|
|
2016/17 |
Close |
3% |
8% |
15% |
|
|
|
2017/18 |
8% |
8% |
15% |
|
|
|
|
2018/19 |
10% |
15% |
|
|
|
|
|
2019/20 |
15% |
|
|
|
|
P&I Circular No 2644/2019 – Supplementary and Release Calls»