Club gives 10% discount in 2011

International sanctions have unintended consequence for businesses

The UK P&I Club now insures an extra three million gross tonnes of shipping, following the closure of the renewal season last week.

At conclusion of the renewals, the Club’s tonnage stood at about 120 million gross tonnes, representing net growth of 7.6 million tonnes over the past year.

Hugo Wynn-Williams, chief executive of Thomas Miller P&I, the UK P&I Club’s managers, said: “It has been a good and solid renewal for the UK Club marked by continued controlled growth for the second year in succession.

“Gross tonnage has increased and we are pleased that our financial stability, claims management and service have attracted more tonnage from existing members and new business to the club.

“As ship-owners face extremely challenging conditions, the club’s strong capital position enabled a 2.5% mutual premium discount on the 2011 policy year. The discount amounted to a 10% deduction for all mutual members for the final instalment of the 2011 call due in December last year.

“The continuing commitment of the membership and the support of the insurance broking community is greatly appreciated by the UK Club and its board especially considering the significant increase in the cost of the international Group reinsurance premium which accompanied the general increase for 2013.”