The rate rise compares to 10% general increases at the New York based mutual over the last couple of years but is in line with a pattern of more modest premium hikes for the 2015 renewal.
The 4.5% increase applies to mutual and fixed premium cover as well as to freight, demurrage and defence insurance.
The American Club, the smallest of the International Group P&I mutuals, reports that as of the end of September its contingency fund had reached $87.4m, a $9m increase on the previous year.
The improvement was assisted by a 4% investment return with the club hopeful the improvement in financial side income will continue over the coming months.
The American Club’s top manager, Joe Hughes, said premium income had been stable in 2014 and rates per gross ton had “shown a welcome degree of firmness.”
“The 2014 policy year is developing as expected, claims are emerging more favourably than the previous year at the same stage of development, core tonnage is growing respectably and investment returns are adding to the club’s financial strength,” Hughes added.
The American Club’s general increase is the fourth largest among the 10 International Group P&I clubs to have so far declared their strategy for the 20 February renewal.
The UK Club is seeking the highest rate rise at 6.5%, the Standard 5% and the North of England 4.75%.
The Gard, Britannia and West of England clubs have all set a 2.5% general increase, Steamship Mutual and the Shipowners’ are offering renewal on expiry terms while Skuld has abandoned the practice of declaring general increases.
