Protection & Indemnity Insurance 2016/2017
- The Club’s overall claims frequency has increased during the past 2 years but average claim costs, although slightly up this year, remains stable
- The long-term trend of costlier large claims continues for the International Group although 2014/15 and 2015/16 appear to be benign
- Underlying estimated claims inflation runs at 2-3% per annum International Group excess reinsurance negotiations are on-going and a small reduction or an as expiry renewal is expected
- The Club’s targeted combined ratio of 100% for P&I is expected to be met for 2015/16 and we budget for a balanced result for policy year 2016/17
- Growth rate is in line with expectation and GT is now standing at 43.3 million with an additional 23.0 million GT of charterers’ entries
- To levy no general increase for 2016/17 and the new call to be adjusted by any changes in the International Group’s excess reinsurance costs
- An increase in Cargo and Crew liabilities of USD 1,000
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Protection & Indemnity Insurance 2016/2017.pdf