The Shipowners’ Club, the leading mutual P&I insurer in the smaller and specialist vessel sector, has reported encouraging results for the year ending 31 December 2022.
For the 2022 financial year, the Club has reported a combined ratio of 97.4% which was slightly ahead of budget. A disciplined approach to underwriting brought an increase in premium to US$ 270.8m.
The year-end saw the Club report net assets of US$ 337.4m. This strong capital position, which is reflected in the Club’s A rating (stable outlook) from Standard & Poor’s, leaves the Club well placed to continue to provide high quality, well priced P&I insurance to its Members into 2023 and beyond.
Financial and Member data summary
- Combined ratio 97.4% (2021: 98.7%)
- Underwriting surplus US$ 6.2m (2021: US$ 2.9m)
- Earned premiums, net of reinsurance US$ 236.4m (2021: US$ 223.2m)
- Incurred claims, net of reinsurance US$ 167.3m (2021: US$ 161.2m)
- Investments returned a loss of US$ 65.6m (2021: gain of US$ 15.6m)
- Capital and free reserves US$ 337.4m (2021: US$ 396.4m)
- Entered Members 8,527 (2021: 8,263)
- Entered tonnage 29.6m (2021: 28.7m)
- Entered vessels 33,808 (2021: 34,167)