Spring 2020 Financial Update

Spring 2020 Financial Update

Financial Update

The Club’s financial position remains strong as free reserves grew by $54 million to $559 million as at 20 February 2020. This was driven by an exceptional investment return of 9.6% for the year. The Club continues to meet all of its regulatory capital requirements and Standard & Poor’s reaffirmed the Club’s A (Stable) rating in December 2019.

The Club benefitted from reasonably good large claims experience on its own account for the 2019/20 policy year. However, other clubs’ Pool claims were higher than usual. While the recent renewal was firmer than recent years, further movement is needed to bring premiums in line with risk. This is important to maintaining a healthy and robust P&I sector, particularly in these challenging times. Members have benefitted from reduced premium rates in recent years, supported by the strength of the Club’s financial position. However, the Club’s combined ratio of 120% shows that premium rates have fallen below the level necessary to cover claims and expenses. The recent renewal was firmer and the Club has emerged stronger through careful selection of risk. Mutual tonnage remained stable at 142 million GT with significant additional Chartered tonnage.

The full Report & Accounts will be availble from July.

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.

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