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.