The withdrawal from the P&I market of a number of fixed premium insurers should not affect the priorities of the mutual clubs, according to John M. Lyras, Chairman of the London P&I Club
Writing in the latest issue of London Club News
, Lyras says that, whilst he had welcomed healthy competition from the fixed premium market, the
withdrawal or consolidation of so much capacity of this nature had not come as a great surprise.
Lyras says he fully expects non-profit-making mutual clubs to maintain their dominant position as the first choice for the liability insurance
needs of the great majority of shipowners, particularly in view of the many services which the clubs provide.
Lyras adds, however, that "the clubs will need to take care to avoid complacency by maintaining a strong focus on their members' needs".
Lyras confirms that the London Club gained tonnage steadily during the 2000/2001 policy year, ending it with a successful renewal and thereby demonstrating its underlying strength and reputation. Owned tonnage presently stands at 29m gt, the highest figure for fifteen years, while 58
newbuildings are entered for FD&D risks. The Club has maintained or improved on its initially estimated supplementary call for nine years in succession.