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 Claims Emergency

London Branch

+44 203 829 5858

Singapore Branch

+65 8683 3190

The claims response service is available 24 hours a day, 7 days a week and provides immediate global assistance to all of our Members.

Calling the emergency contact number provides a quick and effective way to speak directly to a duty Shipowners’ claims handler in the event of an incident or casualty involving an entered vessel.

During office hours the emergency number will redirect to the relevant corresponding office switchboard.

Alternatively, Members can request assistance from our network of correspondents located around the world.

Correspondents

12 Sept 2024

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12 SEPTEMBER 2024 – The Shipowners’ Club, the leading P&I insurer in the smaller and specialist vessel sector, has reported financial results for the six months ended 30 June 2024.

The Club has reported a combined ratio of 95.8% which was in line with budget. The underwriting result of a US$ 5.4m surplus has been driven by 7% growth in earned income compared to the first half of 2023. This positive variance has been sufficient to more than absorb claim costs in the first six months of the year, as well as increased expenses due to a higher inflationary environment. The Club remains well capitalised at 30 June with US$ 434.6m of net assets and this is reflected in the Club’s A (stable) credit rating from Standard & Poor’s.

Financial and Member Summary

  • Underwriting surplus US$ 5.4m (June 2023: surplus US$ 1.8m)
  • Combined ratio 95.8% (June 2023: 98.5%)
  • Gross earned premiums US$ 146.5m (June 2023: US$ 137.0m)
  • Total Members 8,619
  • Total gross tonnage 31.3m
  • Total vessels 35,145
  • Capital and free reserves US$ 434.6m (December 2023: US$ 406.8m)

The Club is pleased to report a 99.0% retention rate at the 20 February 2024 renewal. Furthermore, the Club’s measured growth has resulted in gross earned premium at the half year point being some US$ 9.5m up on 2023.

Simon Peacock, Chief Executive, commented: “This is another stable and very positive set of results from the Shipowners’ Club. Our Members and their brokers choose to place their P&I risks with us due to our fair pricing and our claims ethos. We thank Members and the broking community for their continued trust and we look forward to being able to continue to provide them with the peace of mind they seek in their marine activities.”

Full report available here.


ENDS

Notes for editors

The Shipowners’ Club is a mutual marine liability insurer, providing Protection and Indemnity insurance for small and specialist vessels since 1855. The Club is a member of the International Group of P&I Clubs and works with more than 700 brokers globally to insure over 35,000 vessels across a range of operating sectors and geographical areas.

Media contact

Maddie Newell
The Shipowners’ Club
T: +44 20 7423 7145
E: maddie.newell@shipownersclub.com
W: www.shipownersclub.com

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