P&I, marine and energy insurance provider Gard agreed the premium policy for the 2026 year at its recent meeting in Frankfurt, Germany. The world’s largest marine insurer is rewarding its members with a return of capital for the 17th consecutive year. At the same time, its members will face a moderate premium increase for 2026 as it is important to maintain the underwriting balance.
Members renewing their P&I cover for the 2026 policy year will receive an owners’ general discount (OGD) of 10%.
The discount is calculated as a percentage of the agreed ‘Estimated Total Call’ (ETC), the total premium required for the upcoming policy year.
The decision was announced following Gard’s board of directors meeting last week.
Furthermore, the board of directors decided that a 5% increase will apply to mutual P&I to meet the development in claims.
These adjustments reflect Gard’s strong financial position and commitment to returning value to its members, Gard said, whilst maintaining underwriting balance and long-term resilience.
The board noted that there is a need to ensure that the Association maintains the Mutual P&I portfolio with only a small estimated loss.
Premium adjustments will therefore have to be applied to maintain predictability and relative stability in the portfolio.
To this end, the board of directors has decided to levy an average 5 per cent premium increase on ETC for the 2026 renewal.
Gard chief executive officer Rolf Thore Roppestad said: “Gard’s strong financial results, robust capital base and strong mutual membership create the opportunity to offer a substantial Owners’ General Discount to our Members also in a year with a higher influx of large claims. This reflects our commitment to returning excess capital to the membership while maintaining long-term financial strength.”
“Despite an eventful year with several medium to large claims, Gard’s financial strength and favourable investment income enable us to continue to offer an Owners’ General Discount. At the same time, it is important to maintain underwriting balance, which is reflected in the moderate premium increase for 2026,” added Gard EVP & CUO Bjørnar Andresen.
