Autumn Statement 2017
2017 Half-Year Financial Highlights
- A solid performance from the Club at the half year.
- After six months, claims are slightly below average of the last eight years. The cost of casualty claims are the most variable of any category. The first six months of the 2017 policy year has been favourable with few large claims notified.
- The Pool remains favourable at the half year. The Club's excellent record on the Pool has reduced the Club's Pool contributions steadily over recent years, and shielded the Club from the increasing costs of the very largest P&I Claims in the market.
- A strong total investment return in the first six months. Total investment return of 4%* in the first six months of the year has been strong with equity markets performing favourably.
- Underwriting performance has met the Club's target on average over the last eight consecutive financial years. The favourable claims environment in the first half of the year has delivered a combined ratio of 95%*.
- Free reserves stand at $497 million with a further $100 million in hybrid capital -an increase of nearly $40 million since 20th February 2017. Consistent underwriting and steady investment returns have led to a controlled growth in the Club’s free reserves and capital.
- The Board expects to announce its Brexit plans by the end of the year with a view to being able to insure European risks in a new European subsidiary from the 2019 policy year.
Download the complete Autumn Statement of 2017 on the link below.
