P&I, marine and energy insurance provider Gard has announced that owners renewing their P&I cover for the next policy year will get a 10 per cent Owners’ General Discount (OGD). Meanwhile, the board of directors has also decided to levy an average 4 per cent premium increase on ETC for the 2025 renewal.

As it is reported, the discount reflects the group’s current capital situation as well as its expected overall performance.

It is given as a percentage of the agreed ‘Estimated Total Call’ (ETC), which is the total premium required for the upcoming policy year. Within P&I insurance, this number is estimated and referred to as the ‘ETC’.

Rolf Thore Roppestad, Gard CEO, said: “With this, we continue our streak of returning capital to our membership, providing stability and consistency in a volatile time. We ensure financial robustness and long-term resilience, while at the same time not holding more capital than is needed.”

While the OGD is based on Gard’s capital situation as of today, the group’s premium policy is based on a forward-looking prognosis.

Gard estimates that a 4 per cent premium increase for the upcoming P&I renewal is necessary to keep next year’s underwriting result in balance, with a marginal loss on the mutual insurance product.

Bjørnar Andresen, Gard’s chief underwriting officer, explained: “The macroeconomic outlook continues to be uncertain, and we need to take into account an expected increase in claims. With a moderate premium adjustment, we are ensuring that we can continue to offer mutual P&I at competitive prices, while at the same time ensuring the group’s long-term stability.”