International Group Reinsurance Programme for 2019/20 Policy Year 18 December 2018 No.18-013 Tweet Download PDF (522KB) We are pleased to announce that the International Group Reinsurance Programme for 2019/20 policy year has now been concluded.   General Structure The general structure of the International Group Reinsurance Programme for 2019/20 policy year is as follows (Four categories shown remain unchanged):   Club retention: US$10 million Group retention: US$100 million General Excess Loss 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)   Please see the attached diagramme for further details of the programme.   Limits on the Cover The following special limits on the Club covers for 2019/20 policy year are applied to the Owners’ entry:   Oil Pollution: US$1 billion Passenger: US$2 billion Passenger and Crew combined: US$3 billion   The IG Reinsurance rates for 2019/20 policy year The IG Reinsurance rates per GT for 2019/20 policy year, including the excess war risks cover and MLC reinsurance cover, are as follows: Category 2019 PY (US$/GT) % change from 2018PY Persistent Oil Tankers* 0.5747 -1.68 Clean Tankers 0.2582 -1.69 Dry Cargo Vessels 0.3971 -1.67 Passenger Vessels 3.2161 -1.67 *The “Dirty Tankers” category is renamed “Persistent Oil Tankers”.    Renewal overview The loss experience of the reinsurance programme on the 2012/13 to 2018/19 (year to date) policy years remains acceptable to reinsurers, notwithstanding the claims development during the 2018/19 policy year. This factor, combined with continuing surplus market capacity, the consistently positive financial development of the Group captive, Hydra, and the effective use of multi-year private placements, has enabled the Group to achieve another satisfactory reinsurance renewal terms which results in a further year of reinsurance rate reductions across all vessel c