18.2% increase in Y insurance premium, normal or what

It somewhat depends how much cheaper than others it was in the previous year. If for example, 25pct then it is not surprising if they have caught up!
I did shop about, but everyone else, for me,was yet another 20pct more anyway. I think in the letter they did make the point that they could either drop the standard of cover, or put the premiums up- and they didn't want to lower the level of cover.
Maybe it is the equivalent of a few miles of fuel, underway!
 
Ladybirdgaffcutter said:
I didn't know Y operate a NCB, they didn't put my premiums up after settling a claim. (I have two boats with them).
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They say they don't - just offer a low price regardless - you can claim and it does not go up. Or it was low!

They got a foot hold on low prices and I suppose it all catches up in the end.

They have got a lot of business off this forum ( I had not heard of them before). The forum giveth and the forum taketh away!
 
The basic principle of many pay into a pot from which the unfortunate are paid out is still the same .
Well that is until the pot becomes empty and the many have to dig deeper. looking at this forum a number 11 syndicates at Lloyds have stopped marine insurance.
That really is the worrying point and raises the question who next.
Appears to me that whilst YYacht set the stall of cheap ,cheap,cheap principle over the past few years the question if Y were insurers and not an agent of Amlin perhaps with losses they may have encountered would they by now have gone down the swanny?
Looks to me as if Amlin have issued a warning and increased rates to pull Y back into the land of reality.
The response from Y lets blame it on Brexit not my our poor underwriting decisions.

Isnt the princple of Y the former MD of Pantaenius who like other insurers increased rates?
Sorry,this does not wash Amlin apper to have re jigged account as it is making a loss thats reasonable.

If 18 % increase a high amount to swallow shop around

Looks as if Y got risk review and maths wrong
 
Osmosis said:
The basic principle of many pay into a pot from which the unfortunate are paid out is still the same .
Well that is until the pot becomes empty and the many have to dig deeper. looking at this forum a number 11 syndicates at Lloyds have stopped marine insurance.
That really is the worrying point and raises the question who next.
Appears to me that whilst YYacht set the stall of cheap ,cheap,cheap principle over the past few years the question if Y were insurers and not an agent of Amlin perhaps with losses they may have encountered would they by now have gone down the swanny?
Looks to me as if Amlin have issued a warning and increased rates to pull Y back into the land of reality.
The response from Y lets blame it on Brexit not my our poor underwriting decisions.

Isnt the princple of Y the former MD of Pantaenius who like other insurers increased rates?
Sorry,this does not wash Amlin apper to have re jigged account as it is making a loss thats reasonable.

If 18 % increase a high amount to swallow shop around

Looks as if Y got risk review and maths wrong
Click to expand...

Who are you, not in the insurance game by any chance ?
Perhaps its time JFM gave his view. :rolleyes:
 
rubberduck said:
Some people at the very top of the "game" ie ceo of one of the biggest Re-insurers in the business refer to it as such, as do his parents to whom I am directly related.
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Yes, that's my experience as well. (The terminology not the parental relationship that is)
 
Blimey this threads got legs and some have the attention span of a knat
.
Go to page 2 see my post ( sorry on phone no thread no ) and see a better termed Amlin for 1/2 price of what Y peddle.
For those who can’t be arsed it’s Colman’s from Poole there “ Martello “ product for Mobo a .
 
Osmosis said:
The basic principle of many pay into a pot from which the unfortunate are paid out is still the same .
Well that is until the pot becomes empty and the many have to dig deeper. looking at this forum a number 11 syndicates at Lloyds have stopped marine insurance.
That really is the worrying point and raises the question who next.
Appears to me that whilst YYacht set the stall of cheap ,cheap,cheap principle over the past few years the question if Y were insurers and not an agent of Amlin perhaps with losses they may have encountered would they by now have gone down the swanny?
Looks to me as if Amlin have issued a warning and increased rates to pull Y back into the land of reality.
The response from Y lets blame it on Brexit not my our poor underwriting decisions.

Isnt the princple of Y the former MD of Pantaenius who like other insurers increased rates?
Sorry,this does not wash Amlin apper to have re jigged account as it is making a loss thats reasonable.

If 18 % increase a high amount to swallow shop around

Looks as if Y got risk review and maths wrong
Click to expand...

I agree to a point, but I would be surprised if all marine measure were placed in a single pot.

Different pools have different risks ( storms in the Caribbean etc are well known and over a period X can be expected, and the pictures of destroyed boats keep on coming).

You would expect a pool to make a profit over an insurance cycle - however long that may be, I would not really think that there would be mass subsidisation.

My family used to have an association with insurance, and in a former life I had a passing relationship with Lloyds. The thing used to be ( and I don't know how much it has changed - anecdotal not much) that other than things like motor, premiums were often at the whim of the underwriter with astonishingly little oversight or process - they had been doing it for years and £x was about right be it a ship or a space shuttle.

I don't know how much this has moved on.
 
I just got a quote from Pants which is almost 50% more than either Y or GJW. I would never have described Y as a cheap insurer - but Pants is in a league of its own where premiums are concerned. I guess that they must have had some significant increases over the last few years - we were with them three or four years ago and when we moved to Y, they were only a little cheaper than Pants. That was for a boat of similar design and value to our current boat.
 
I can remember about 15 years ago when moving up from 20 ft sports boats into 30/40 footers that premiums where typically calculated around 1/2 % of the value , and for several years paid that, but over the last 5 years have seen this decrease to around 1/3% and have enjoyed very competively priced premiums, I just think we are seeing the market correcting itself. My current boat is worth about the same £££ as the one I had in 2007 and on renewal last month with Y Yacht my premium has increased in line with others as described here, yet it is now exactly the same as I was paying for same value cover 12 years ago.
Cheers
Tetleys
 
Portofino said:
Blimey this threads got legs and some have the attention span of a knat
.
Go to page 2 see my post ( sorry on phone no thread no ) and see a better termed Amlin for 1/2 price of what Y peddle.
For those who can’t be arsed it’s Colman’s from Poole there “ Martello “ product for Mobo a .
Click to expand...

And Colemans were not any cheaper for me, so no half price bargain for me.
 
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