SHIPPING mutual insurer, UK P&I Club says it has registered another positive result with a net increase of one million gross tons of mutual business following the closure of the renewal season for 2014 on February 20.
Mutual owned tonnage rose four per cent over the course of the 2013/14 year, with combined mutual owned and chartered tonnage now standing at 215 million gross tonnes.
The UK Club estimated increase of renewal premium of seven per cent.
"For many UK Club members, subdued earnings and a lingering shipping recession remain a fact of life. However, UK Club premium needs to address underlying claims inflation, as well as a future pick up in claims frequency from what have been record low levels," a statement said.
"It has been another good and solid renewal for the UK Club marked by continued controlled growth for a third year in succession whilst preserving a disciplined approach to underwriting," said Hugo Wynn-Williams, CEO of Thomas Miller P&I, the UK P&I Club manager.
"Gross tonnage has increased and we are pleased that our financial stability, claims management and service have attracted more tonnage from existing members and new business to the UK Club," said Mr Wynn-Williams.
WORLD SHIPPING
02 March 2014 - 22:20
Maritime insurers UK P&I Club sees business increase in 2014 renewals
SHIPPING mutual insurer, UK P&I Club says it has registered another positive result with a net increase of one million gross tons of mutual business following the closure of the renewal season for 2014 on February 20.
WORLD SHIPPING
02 March 2014 - 22:20
Maritime insurers UK P&I Club sees business increase in 2014 renewals
This news 10282 hits received.
These news may also interest you