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.
New format financial statements published
29/06/2012
UK P&I Club adopts International Financial Reporting Standards (IFRS) for published financials, now on website, enhancing disclosure & understanding of financial performance & position
2009 Report & Accounts
21/02/2011
2010 Report & Accounts
21/02/2010
UK P&I Club 2010 Chairman reviews successfully weathering financial crises, now holding over $400M reserves & capital to meet solvency rules & give Member confidence, eliminating prior deficits, 8% investment returns, claims reductions with slower markets enabling only 5% rise in premiums.
2008 Report & Accounts
20/02/2008
2007 Report & Accounts
20/02/2007
2006 Report & Accounts
20/02/2006
2005 Report & Accounts
20/02/2005
UK P&I Club 2005 Chairman reviews increased tonnage, Member confidence in placing vessels, rise in claims and costs from casualties like major Delaware River oil spill despite no fault, strength of claims response globally, aiming to maintain standards through inspections.
2004 Report & Accounts
16/02/2004
Report & Accounts 2013
01/01/1970
The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited Directors' Report & Financial Statements for the year ended 20th February 2013