The insurance cost for mutual members will be reduced by $37 mill, compared to the agreed premium (ETC) by reducing the last instalment payable in September. This is a consequence of reducing the deferred call for the 2014 policy year to 15% from the original estimate of 25% of the advance call.
Rolf Thore Roppestad, Gard CEO, said “We take a long term perspective on the business of assuming and pooling risk. It is not just what we do, but how we do it that delivers the best value in the market. Our value proposition is to deliver right risk solutions, strong claims handling, loss prevention and crisis management capabilities. This set of strong results and growth in market share demonstrates our success in doing that.
“A broad offering of P&I, marine and energy insurance products that complement each other gives us a stronger knowledge base and capabilities to deliver better products and services to shipowners. This supports the mutual and collaborative system of the International Group’s pooling and collective market reinsurance structure.
“Gard is strongly committed to the IG pool as the most cost efficient and adaptable solution for providing P&I to shipowners. The history of mutual P&I insurance is about developing solutions to meet the evolving needs of our members and customers. In a fast changing world, and a rapidly developing shipping environment, adaptability is more important than ever,”he said.