Annual Report 2021

 
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 2021.

For the 2021 financial year, the Club has reported a combined ratio of 98.7% which was slightly ahead of budget. Responsible underwriting for the benefit of all Members in the last year brought an increase in premium of 7.3% to US$ 249.0m.

The Club reported an overall surplus of US$ 17.4m, partly as a result of the modest underwriting gain of US$ 2.9m but primarily driven by a gain of US$ 15.6m on the investment portfolio, reflecting a return of 3.5%. This result brought the Club’s free reserves to US$ 396.4m which has contributed to the Club’s A (stable) rating from Standard & Poor’s.

Financial and Member data summary

  • Combined ratio 98.7% (2020: 101.0%)
  • Underwriting surplus US$ 2.9m (2020: deficit of US$ 2.0m)
  • Earned premiums, net of reinsurance US$ 223.2m (2020: US$ 207.2m)
  • Incurred claims, net of reinsurance US$ 161.2m (2020: US$ 154.0m)
  • Investments returned a gain of US$ 15.6m (2020: gain of US$ 49.8m)
  • Capital and free reserves US$ 396.4m (2020: US$ 379.1m)
  • Entered Members 8,263 (2020: 8,182)
  • Entered tonnage 28.7m (2020: 27.8m)
  • Entered vessels 34,167 (2020: 33,831)