Claims values & composition

  • Total cost of claims in the first six months of 2013 is greater than previous years at the same stage of development.
  • Large casualties biggest factor in the overall growth in claims.
  • In 2013, large claims (over $0.5m) contribute two thirds of the total claims cost.
  • Pool costs have fallen following the reduction in the Club’s share.
  • Crew illness claims have demonstrated a long-term inflationary increase of approximately 12% per annum.

Claims frequency & value

  • Claims frequency dropped sharply in 2009
  • The average cost per attritional claim has increased by 30% since 2006
  • The total cost of attritional claims is similar to 2006 despite the lower frequency
  • This graph shows average cost of an attritional claim. Figure 4, (page 5) shows total notified attritional claims

Financial strength

  • Higher claims experience in 2013 has led to the first fall in capital since 2008
  • The Club continues to hold sufficient capital to meet regulatory requirements and rating agency targets

Underwriting discipline

  • Combined ratio of 113% at the half year is outside the Club’s acceptable range
  • Claims inflation as well as large claims have led to the increase

Investment portfolio

  • Prudent investment portfolio with 76% of assets held in cash or fixed income securities
  • Equity element of the portfolio has performed well over the first six months of the year.

Emergency Contacts

If you need to call our offices out of hours and at weekends, click After Office hours for a up to date list of the names of the Duty Executives and their mobile phone numbers. 

Ship Finder

This Ship Finder is updated on a daily basis. Members who need to advise the Club of updates to their recorded ships' details should advise their usual underwriting contact.