International Group Reinsurance Programme for 2023/24 Policy Year 17 January 2023 No.22-022 Tweet Download PDF (722KB) Please be advised that the International Group (IG) Reinsurance Programme for 2023/24 policy year has now been concluded.   General Structure The general structure of the IG Reinsurance Programme for 2023/24 policy year is as follows (Four categories shown remain unchanged):   Club retention: US$10 million Group retention: US$100 million General Excess Loss (GXL) Cover: US$2 billion (US$2 billion in excess of US$100 million) Collective Overspill Cover: US$1 billion (US$1 billion in excess of US$2.1 billion)   Limits on the Cover The following special limits on the Club covers for 2023/24 policy year are applied to the Owners’ entry (Three categories shown remain unchanged):   Oil Pollution: US$1 billion Passenger: US$2 billion Passenger and Crew combined: US$3 billion   Losses arising from Malicious Cyber, Covid-19 and other Pandemics Last year, the reinsurance program had coverage limitation for Malicious Cyber, Covid-19 and other Pandemics risks in excess of US$550 million. As a result of negotiation, the coverage for those risks has been expanded and is now free and unlimited for claims up to US$ 750 million.   Layer 1 (US$650 million in excess of US$100 million): Free and unlimited cover Layer 2 and 3 (US$1.35 billion in excess of US$750 million): Each layer has an annual aggregate limit in place, totalling US$1.35 billion for abovementioned three risks.   The IG agreed to pool losses that exceed the annual aggregate limit and therefore could not be recoverable from reinsurers. Accordingly, there is no change to Member cover.   Please see the attached diagramme for further details of the programme.   Excess War Reinsurance Due to the ongoing active war between Russia and Ukraine, the IG’s Excess War reinsurers require Territorial Exclusion language (consistent with exclusionary language already applie