UK P&I Club sets 2016 general increase

Oct 30 2015

The UK P&I Club has set its General Increase for the 2016 renewal year at 2.5%. The board said at a recent meeting that it was mindful of the continuing stress in certain sectors of the shipping market and had therefore set the General Increase for next year below the level of claims inflation.

In addition, in recognising the challenges faced by its members and the Club’s strong capital position, the board declared a mutual premium discount of 2.5% on the total mutual call for the 2014 policy year.

Alan Olivier, UK P&I Club chairman, said: “The 2.5% 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, CEO 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 $559 mill in free reserves and capital as at 20th August, 2015.  

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