P&I increase

With little prospect that the uncertainties and inflationary pressures afflicting the global economy in 2022 and 2023 will disappear, NorthStandard has signalled its intentions to apply a precautionary 5 per cent increase to its P&I and FD&D premiums for 2024/2025. Based on year-to-date experience, NorthStandard indicates that its 2023/2024 combined ratio is on track for a sub-100 per cent performance. However, the Club's directors have agreed that a precautionary general increase to its P&I and FD&D premiums is prudent against a backdrop of continuing geopolitical conflict, sanctions, continuing inflationary pressures, downsized economic forecasts and shipping market volatility.