Statement from the Management
- The Club’s overall claims frequency has increased during the past two years, as per the graph below, but as the years develop frequency normally comes down. Average claim costs remain fairly stable on an overall basis.
- After a benign 2016/2017, the 2017/2018 policy year seem to resume the earlier long-term trend of costlier large claims for the International Group.
- Underlying estimated claims inflation runs just below 3 % per annum.
- International Group excess reinsurance negotiations are on-going and a small increase or an “as expiry” renewal is expected.
- We are expected to come in just above the Club’s targeted combined ratio of 100 % for P&I for 2017/2018 and we budget for a balanced result for policy year 2018/2019.
- Growth rate is as per expectation and GT is now at 49.1 million with an additional 25.8 million GT of Charterers’ entries.
- A General Increase of 0 % is proposed, in addition to changes in Group reinsurance costs. Cargo and Crew deductibles to be increased by USD 1,000 respectively.
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