Shipowners face an on average 33% hike in the International Group of P&I Clubs’ general excess of loss (GXL) reinsurance costs following a renegotiation of its two-year contract.

The increase in GXL reinsurance costs — mainly covering claims in excess of $100m and up to $2bn — will be added by protection and indemnity clubs to shipowner’s premium at next February’s policy renewal.

The increases, which apply to the International Group’s pool claims system, vary between different ship types, with container ships set to pay the largest increase.