2015 October Review
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 low number and cost of notified claims on the 2015 policy year is encouraging with few large claims falling within the Club or Pool retentions. Notified claims on prior policy years have also developed favourably.
Underlying claims inflation is currently running at around 4% per annum, however this has been offset by the continuing reduction in claims frequency. Although moving the premium forward to meet claims inflation remains a key objective of the Club, the Board is very aware of the continuing stress in certain sectors of the shipping market and has therefore set the General Increase for 2016 below the level of claims inflation, at 2.5%.
The Board has decided to lessen the impact of the General Increase decision by declaring a Mutual Premium Discount of 2.5% on the total mutual call for the 2014 policy year. This discount will be applied by way of a credit to the final instalment of the 2014 policy year mutual premium and will amount to a 10% reduction for all mutual Members for that instalment. This is the second such return made in the last four years.
2015 October Review - Mutual Strength (12 MB)
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Press Release: UK P&I Club announces General Increase for 2016 policy year and premium discount for 2014
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%.
2016 Autumn Statement
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'.
The UK P&I Club ('the Club'), one of the leading providers of protection and indemnity insurance, agreed at its Board meeting on 19th November to a Mutual Premium Discount of 3 per cent on the total mutual call for the 2015 policy year.