UK P&I Club: Premium Discount for 2016

The UK P&I Club said it has agreed at its board meeting on November 19 to a mutual premium discount of 3 percent on the total mutual call for the 2015 policy year. 

 

In the current shipping environment, the board has decided it is prudent to revise the club’s approach to the general increase. For the 2017 renewal, the club will not be seeking a standardized general increase. Instead, premium will reflect the specific risk a member brings to the club for the coming year. With the overall club underwriting results largely in balance, the 2017 policy year renewal will focus closely on individual member’s underwriting performance, while still being mindful of the difficult shipping markets in which many members operate. 

 

Alan Olivier, Chairman of the UK P&I Club, said, “This is the third year the club has returned money to members, in total $26 million has been returned over the last five years. The board’s decision to focus on individual performance rather than a general increase highlights our determination to support our members in challenging economic conditions, whilst retaining our commitment to disciplined underwriting.”

 

Hugo Wynn-Williams, Chief Executive of the UK Club’s managers, Thomas Miller P&I (Europe) said, “We will continue to find ways of delivering financial efficiency while improving the service proposition for our members.”