The UK P&I Club board has agreed a general increase of 17.5% in member's premium rating, plus any relevant contribution to the cost of the International Group's 2004 reinsurance programme.
The Club made the decision following a review of the development of its funds and claims.
It said an increase in claims during 2002, Coupled with anticipated favourable conditions for the shipping industry, with resulting higher levels of ship usage, which would in turn produce an increased level of claims, was behind the decision.
The Club said it recognised the increase would be unwelcome, but that it was in the best interests of members to increase contributions and maintain the Club's financial strength.
