• The rise in claims frequency seen in 2008 to 2012 levelled off during 2013
• Underlying estimated claims inflation is 3 – 4% per annum
• International Group excess reinsurance negotiations are challenging, with increases expected
• Growth rate in line with expectation now standing at 37.0 MGT with an additional 17.0 MGT of Charterers’ entries
• A general increase of 7.5% has been decided by the board in addition to changes in Group reinsurance cost
• An increase to the Cargo and Crew deductibles of USD 2,000 respectively