Hellenic War Risks Club News

Members of the Hellenic War Risks Club will be paying 50% less annual premium for their war risks insurance following a decision by Club Directors to waive the second instalment of the 2013 annual premium. The Directors’ decision, advised to Members by circular on 31 May, has the effect of reducing 2013 annual rates by just over 50%. Annual premium is payable pro-rata daily, and the second instalment covers the period from July 1 - December 31, 2013. The rate reduction reflects the Hellenic’s strong financial position. The Club’s Review of 2012 announces a surplus of $13.2 million for the year including investment income, with reserves increasing to $98.4 million.

Piracy remains a major issue, especially for Greek owners, says the Club. The Hellenic War Risks Club is celebrating its 50th year of operation in 2011. The Association’s founding Directors, which included J C Carras,  J E G Kulukundis, C M Lemos, D J Chandris and F P Lykiardopulo, recognised a need for Greek shipowners to come together on a mutual basis to provide the most competitive war risk insurance premiums, which, at the time, were difficult and expensive to obtain. The…