Insurance Clubs report strong renewal uptake

Renewal uptake for the 2017/18 period was up for the larger protection and indemnity experts in the marine sector.

The London P&I Club reports that it is also true to say that for it the period generally saw rates come under pressure, but there was a notable reduction in the impact on income of mid-year churn. It saw an encouraging 2.5m gt, or 5.8% year-on-year increase in its mutual business, up to 45.4m gt.

“This renewal again underlined the high level of commitment to the club by its members. Overall, in addition to organic growth, it was pleasing to see the addition of a number of new fleet entries to the club’s mutual membership,” said Reto Toggwiler, the Club’s underwriting director. “At the same time there has also been good progress in the club’s fixed-income business, on which we will be reporting a little later in the year.”

Meanwhile, the North P&I Club has consolidated its position as one of the leading members of the International Group of P&I Clubs, with controlled growth in total entered tonnage to 195 million GT at the 20 February 2018 renewal. In addition, the number of members taking North’s FD&D cover has increased by 10% to just over 90 million GT.

In the European market, The Swedish Club has reported that the P&I gross tonnage has moved in excess of the 50 million GT milestone.

“We are pleased to see that our demonstrable financial stability, claims management expertise and commitment to service have attracted more tonnage from both existing members and new business,” said Lars Rhodin, managing director of The Swedish Club.

The Swedish Club said it will publish further details on its performance following its Board meeting at the end of March 2018.

By Anne-Marie Causer, maritimejournal.com