Circular 04/22: Review of Open Policy Years
TO THE MEMBERS
REVIEW OF OPEN POLICY YEARS 2019
At their meeting in May 2022, the Directors closed the 2019 policy year. The deficit was transferred to the reserves.
2020 Policy Year
The 2020 policy year has improved slightly due to reductions on a handful of large claims. Nevertheless, the year is expected to close with a deficit. No supplementary premium is expected for this year.
2021 Policy Year
After twelve months, the cost of notified claims for the 2021 policy year is reasonably high due to those large claims shared through the International Group Pooling mechanism. The Club’s own large claims experience has been reasonably benign. However, there have been a large number of Covid-related claims during the year. No supplementary premium is expected for this year.
Review of the Year
The Directors approved the Report and Financial Statements for the year ended 20th February 2022. A detailed summary of the Club’s financial results and an explanation of the development of the most recent policy years is contained in the separate publication “2022 Review of theYear” accompanying this circular.
You may also be interested in:
The UK P&I Club, one of the leading providers of P&I insurance and other services to the international shipping community, has announced that Amy Lovseth will assume the role of Syndicate Manager in its Hong Kong office following Sean Geraghty's move to the Greece office earlier this autumn.
Club statement on proposed changes in requirements for laden oil tankers to evidence P&I cover while in Turkish waters.
The International Group is aware of an announcement by the maritime authorities in Turkey concerning proposed changes in requirements for laden oil tankers to evidence P&I cover while in Turkish waters.
This circular informs Members of the approval by the International Group of P&I Clubs (the Group) of the Secro system
The Club would like to draw Members' attention to the latest circular from our listed correspondent Huatai relating to the Damage to Fishery Farms along Shandong Coast.