The Shipowners’ Club has once again held its premiums to the previous year’s levels, and has reported an increase of 7.3% in earned premiums for the half-year ended August 2011.
In its half-yearly report, Shipowners states that its strong results are a reflection of the organic growth it has experienced during the 2010 policy year, principally from the offshore sector. Entered tonnage increased by 6.5% to 19.45 million GT, driven by new business which in turn has been attracted by an expert claims handling service and the benefits of comprehensive liability insurance.
Commenting on the results, Shipowners’ Chief Executive, Charles Hume, stated: “We are very pleased to announce there will be no general increase to our premiums for the coming year. Despite a recognition that claims are starting to increase again, Shipowners continues to grow, reserves are strong and the underwriting performance for the first half of the year is producing some encouraging signs. We are also conscious that many of our Members continue to experience very difficult operating conditions, and we believe it is part of a club’s role to help owners keep insurance costs to a minimum.”
The half-yearly unaudited figures showed gross income for Shipowners rising to US$103.3 million. This was achieved in spite of a volatile start to the policy year with claims values up over 20% and an increase of 2% in claims frequency when compared with the 2010 policy year.
Against an uncertain backdrop in investment markets, Shipowners’ investment managers produced an aggregate return on investments for the first half year of 0.8%, and, together with other exchange gains, there was an overall return on investments of US$4.8 million.
Despite announcing no general increase in premiums, Hume emphasised, “Maintaining the financial stability of Shipowners is essential. We will review closely the record and risk of each Member, working with the broker to ensure that the premiums and terms of entry are commensurate with the risks that each operation brings.”
ENDS
Notes for Editors:
A pdf of the Half Year Report 2011/12 is available for download at www.shipownersclub.com
The Shipowners’ Club is a mutual marine liability insurer, providing Protection & Indemnity insurance to small and specialist vessels since 1855. The Club currently insurers over 30,000 vessels from more than 6,200 Members worldwide and is a member of the International Group of P&I Clubs.
The Club has branches located in Luxembourg, London, Singapore and Vancouver.