You are monitoring a small portfolio of marine hull policies. The following table gives a snapshot of the portfolio for contracts written during 2019 (left) and 2020

(right).

Year 2019 Year 2020 Contract ID Technical Premium Premium charged Technical premium Premium charged 1 10,000 12,000 11,000 12,500 2 8,000 9,000 9,000 9,500 3 12,000 15,000 Not renewed Not renewed 4 Not existing Not existing 7,000 10,000 5 6,000 9,000 6,500 10,000 All monetary amounts are in FRD i. Determine whether the premium adequacy has improved or deteriorated between 2019 and 2020. Explain your workings.

ii. Calculate the rate change for the portfolio, by explaining your reasoning.

iii. Briefly comment on the consistency (or lack thereof) of the results in (i) and (ii).