The International Group of P&I Clubs has finalised the Group Excess of Loss (GXL) reinsurance contract structure for the 2025/26 policy year.
The contract has been renewed with materially the same structure as the 2024/25 policy year. The only structural change is to the sublimit for excess war P&I risks in Russia/Ukraine/Belarus where the Group has purchased aggregated sublimited cover of US$100m (up from $80m in 2024/25).
The reinsurance rates for the 2025/26 policy year are as follows:
Tonnage category | 2025 rate in US cents per GT | % change in rate per GT |
Persistent Oil Tankers | 62.58 | +1.5% |
Clean Tankers | 43.37 | +8.9% |
Dry | 60.54 | +3.3% |
FCC | 89.03 | +23.6% |
Passenger | 343.90 | +1.6% |
Chartered tankers | 32.46 | +3.8% |
Chartered dries | 15.77 | +3.3% |
The International Group has issued a press release which can be found here.
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