UK P&I Club Announces Positive Renewal
The UK P&I Club, one of the oldest shipping protection and indemnity mutual insurers, announced its renewal for 2014 following the closure of the renewal season on February 20:
- Another positive result with a net increase of a million gross tons of mutual business
- Mutual owned tonnage has increased by four per cent over the course of the 2013/14 year
- Combined mutual owned and chartered tonnage now stands at 215 million gross tons
- Estimated increase of renewal premium of seven percent.
For many UK Club Members, subdued earnings and a lingering shipping recession remain an unwelcome fact of life. However, UK Club premium needs to address underlying claims inflation, as well as a future pick up in claims frequency from what have been record low levels.
Hugo Wynn-Williams, Chief Executive of Thomas Miller P&I, the UK P&I Club’s managers, said, “It has been another good and solid renewal for the UK Club marked by continued controlled growth for a third year in succession whilst preserving a disciplined approach to underwriting. Gross tonnage has increased and we are pleased that our financial stability, claims management and service have attracted more tonnage from existing Members and new business to the UK Club.”