Review of the year 2017
The Review of the year 2017 details the Club's financials and claims experience. 2016 has been another strong year for the Club. Despite a small number of large claims notified to the Club towards the end of the year, a decent underwriting result and strong performance within the investment markets have enabled the Club to record a surplus for the ninth year in a row.
Review of the year and Financial Statements of the Club for the year ended 20th February 2016.
Review of the Year 2016
2015 has been another strong year for the Club. The importance of consistent disciplined underwriting was evident in a year of volatility in the investment markets. The combined ratio for the financial year was 92%, better than the Club's target of 100%. Full details are available in the Club's 2016 Review of the Year.
Review of the year and Financial Statements of the Club for the year ended 20th February 2015.
This year the Club has produced a surplus of $9.5 million, increasing the free reserves and hybrid capital to a new high of $494 million. Underpinning this result was a respectable underwriting performance in the face of mounting claims costs, and an investment return of 3.7%, equivalent to $39.6 million. Overall this was a good outcome, but it does not allow for complacency. The increased claims on the 2012 policy year are a warning that, despite weak global economic growth, claims inflation, particularly in the higher value claims, continues to be present. It is therefore essential to maintain a disciplined approach to underwriting in the coming years to achieve the target of a balanced underwriting result over the claims cycle.