At the meeting per capsulam on 26 March 2020 the Board of Directors made the following decisions in respect of the open policy years:
2017/2018
To close this year with no supplementary call.
2018/2019
To close this year in the spring of 2021, subject to there being no adverse developments, without any further call being levied, and to amend the release call to 5%.
2019/2020
To not levy a supplementary call, and to amend the release call for this year to 12%.
2020/2021
To maintain the target set at the renewal for 2020/2021, which was to achieve a 0% supplementary call. To keep the release call for this policy year at 15%.
The Club has considered objective actuarial information regarding various risks including premium risk, reserve risk and market risk both in ascertaining the level of the release call percentage and also for assessing the risk that the published level of the expected premium may be exceeded.
Release calls have developed as follows:
|
|
2020 |
2019 |
2018 |
2017 |
2016 |
2015 |
|
2015/16 |
|
|
Close |
3% |
8% |
12.5% |
|
2016/17 |
|
Close |
3% |
8% |
15% |
|
|
2017/18 |
Close |
5% |
8% |
15% |
|
|
|
2018/19 |
5% |
10% |
15% |
|
|
|
|
2019/20 |
12% |
15% |
|
|
|
|
|
2020/21 |
15% |
|
|
|
|
|
Download pdf P&I Circular No 2656/2020 – Supplementary and Release calls »