International Group reinsurance costs to increase by 33%

Shipowners face an on average 33% hike in the International Group of P&I Clubs’ general excess of loss (GXL) reinsurance costs following a renegotiation of its two-year contract.

The increase in GXL reinsurance costs — mainly covering claims in excess of $100m and up to $2bn — will be added by protection and indemnity clubs to shipowner’s premium at next February’s policy renewal.