- The Club’s overall claims frequency seem to have increased during the past 2 years, as per graph below, but as the year’s mature frequency normally comes down. Average claim costs remains stable
- The long-term trend of costlier large claims for the International Group does not seem to continue as 2014 and 2016, however, 2015 has deteriorated significantly
- Underlying estimated claims inflation runs just below 2 % per annum
- International Group excess reinsurance negotiations have been concluded and a small reduction has been achieved
- We are expected to come in just above the Club’s targeted combined ratio of 100 % for P&I for 2016/2017 as and we budget for a balanced result for policy year 2017/2018
- Growth rate is above expectation and GT is now standing at 47.6 million with an additional 22.2 million GT of charterers’ entries
- A general increase of 0 % has been decided by the Board, in addition to changes in Group reinsurance costs
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