Posted on: 24 November 2016
The UK P&I Club (‘the Club’), one of the leading providers of protection and indemnity insurance, agreed at its Board meeting on 19th November to a Mutual Premium Discount of 3 per cent on the total mutual call for the 2015 policy year.
In the current shipping environment, the UK Club Board has decided it is prudent to revise the Club’s approach to the general increase. For the 2017 renewal, the Club will not be seeking a standardised general increase. Instead, premium will reflect the specific risk a Member brings to the Club for the coming year. With the overall Club underwriting results largely in balance, the 2017 policy year renewal will focus closely on individual Member’s underwriting performance, whilst still being mindful of the difficult shipping markets in which many Members operate.
Alan Olivier, Chairman of the UK P&I Club, said: “This is the third year the Club has returned money to Members, in total $26 million has been returned over the last five years. The Board’s decision to focus on individual performance rather than a general increase highlights our determination to support our Members in challenging economic conditions, whilst retaining our commitment to disciplined underwriting.”
Hugo Wynn-Williams, Chief Executive of the UK Club’s managers, Thomas Miller P&I (Europe) said, “We will continue to find ways of delivering financial efficiency while improving the service proposition for our Members.”
