Gard opens the race for customers in the course of the upcoming “renewals” of P&I premiums. Loyal shipowner customers receive a 10% discount.
The market leader in the P&I segment points to its solid capital base and free reserves of a good $1 billion. This puts the company in a position to make repayments to its members for the 15th year in a row, despite turbulent times and markets.
Repayment at Gard doubled
The 10% discount offered to customers renewing their liability (P&I) policies is double that of the previous year. Nevertheless, premiums will become more expensive in the new price round due in February. There is talk of an increase of 5%. This is mainly in response to rising inflation, argues Gard.
So far, few of the P&I insurers International Group have announced their plans for February. The Shipowners’ Club also wants to raise rates by 5%. At Steamship Mutual, the increase of 5% is offset by a repayment of 7.5% of the annual premium.
