Circular 04/22: Review of Open Policy Years

UKP&I_Web_Thumbnails_UL_Case

TO THE MEMBERS

REVIEW OF OPEN POLICY YEARS 2019

Policy Year

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.

Yours faithfully,

 

THE MANAGERS

Staff Author

UK P&I

Date27/05/2022

Tags

You may also be interested in:

The International Group (“IG”) Standard Form Letters of Indemnity (given in return for delivery of cargo without production of an original bill of lading and/or delivery of cargo at a port or place other than stated in the bill of lading) were last reviewed in 2010.

On 23 August 2023 OFAC issued a determination that allows sanctions to be imposed on any foreign individual or entity that operates in the jet fuel sector of the Burmese economy by expanding Executive Order 14014 (the”EO”).

At their November meetings in Dubai and Rotterdam, the Boards reviewed the financial position of the Club, including the performance of the open and closed policy years, and have set a general increase of 10 per cent on all mutual premium rates for the 2023 renewal. The decisions have been agreed by the Club and its subsidiaries, including UKNV which underwrites all EEA risks.

At the Annual General Meeting held in Dubai on Monday 7th November, the proposed resolutions in the agenda were put to the Members and were adopted by the meeting.