Member Login

Email address required.
Password required.
×

UK P&I Club announces General Increase for 2016 policy year and premium discount for 2014

Posted on: 27 October 2015

The UK P&I Club, one of the leading  providers of protection and indemnity insurance, agreed at its Board meeting on 26th October 2015 that the General Increase for the 2016 renewal will be 2.5% .

The UK Club Board is mindful of the continuing stress in certain sectors of the shipping market and has therefore set the General Increase for 2016 below the level of claims inflation. The General Increase reflects the Club’s commitment to maintain balanced underwriting and put the Club in the best position to meet the challenges of the future.

Separately, in recognising the challenges faced by its Members and the Club’s strong capital position, the Board has declared a Mutual Premium Discount of 2.5 per cent on the total mutual call for the 2014 policy year.

Alan Olivier, Chairman of the UK P&I Club, said: “The 2.5 per cent General Increase highlights the Board’s determination to maintain a highly disciplined approach to underwriting to secure the long term stability of the Club.  The Board is equally determined to support our Members in challenging economic conditions. We are pleased, given our strong capital position, to be able to reduce the premium on 2014, which was a good year for the Club.”

Hugo Wynn-Williams, Chief Executive of the UK Club’s managers, Thomas Miller P&I (Europe) said: “A benign claims environment in 2014 and 2015 has enabled the club to deliver another year of good results.”

The Club has maintained its capital position at the half year, with $559m in free reserves and capital at the 20th August 2015.

What is Maritime London?

Maritime London – the promotional body for UK based companies providing professional services to the international shipping industry

Funded by over 100 companies and organisations from a wide range of disciplines, Maritime London ensures that the UK remains a world beating location to base a maritime related business. Maritime London’s mission is to promote the UK as the world’s premier maritime business centre.

Our core Maritime Services

The UK is home to a world beating array of professional maritime service providers. Maritime sectors include:

© 2024 All Rights reserved. || Privacy/Terms