UKDC 2013 Member & Broker Survey Results

The Club’s correspondent in China, Huatai Marine, provide in their latest Circular No: PNI [2022] 05 details of this summer’s fishing ban along China’s coastal areas.

At their meeting in May 2022, the Directors closed the 2019 policy year. The deficit was transferred to the reserves.

The Club’s financial position remains strong with free reserves of $488 million as at 20 February 2022. The Club continues to comfortably meet all its regulatory capital requirements and remains in the highest AAA band of Standard & Poor’s capital model. 

On 17 March 2022 the UK Government published a General Trade Licence in part to clarify earlier amendments to the UK Russia (Sanctions) (EU Exit) Regulations (the “Regulation”). Specifically, the licence addresses the issue as to whether it is lawful under the Regulation for insurers and reinsurers domiciled or operating from the United Kingdom to provide insurance for vessels calling at Russian ports or transiting Russian territorial waters.