International Group Reinsurance Programme for 2024/25 Policy Year 21 December 2023 No.23-019 Tweet Download PDF (926KB) Please be advised that the International Group (IG) Reinsurance Programme for 2024/25 policy year has now been concluded.   General Structure The general structure of the IG Reinsurance Programme for 2024/25 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 2024/25 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 Although for the 2023/24 reinsurance program, the Malicious Cyber, COVID-19 and the other Pandemics risks in excess of US$750 million for these losses, were capped at a total of US$1.35 billion (annual aggregate limit), for the 2024/25 reinsurance program the Malicious Cyber risks are separated from the COVID-19/the other Pandemics risks, each of which have an annual aggregate limit of US$1.35 billion.   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 Malicious Cyber risk and another US$1.35 billion for COVID-19/Pandemics 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