At this half year, free reserves remain at a healthy level of $473 million. The reduction of $21 million reflects the higher claims experience of 2013, offset to some extent by continuing improvement in the most recent policy years and a modest level of investment income.
At the half year, the UK Club holds free reserves and hybrid capital of $559 million. The surplus achieved in the first six months of the year contributed to this increase in free reserves, despite uncertainty in global investment markets.
The Club's performance over the first six months of the year has been extremely strong. After six months of the year, total notified claims on the prudently reserved 2016 policy year are encouraging with few large claims within the Club or Pool retentions. Claims on prior policy years have also developed favourably. Full details of the Club's half year financials are available in the attached '2016 Autumn Review'.
27 October 2015, London - The UK P&I Club ('the Club'), one of the leading providers of protection and indemnity insurance, agreed at its Board meeting on 26th October 2015 that the General Increase for the 2016 renewal will be 2.5%.
