The American Club will not apply a general increase in premiums to all members at the upcoming renewal but will instead place an emphasis on individual member’s performance when pricing risk.
The move comes in response to an increase in claims which the American Club said necessitated an “increase in pricing for risk in 2020.”
The American Club said: “Members’ premium rating and terms of entry for the forthcoming year will be calibrated to their own particular circumstances, including their loss records, vessel-type, trade and regional factors, as well as other relevant matters, including the assessment of members’ individual risk profiles.”
