Gard says that its tonnage growth reflects stability in an unstable market

With the closing of the 2020 P&I renewal, marine insurer Gard said yesterday February 20th that its net tonnage had increased by more than 15m gt in the past 12 months, with total owners’ mutual tonnage now in excess of 229m gt.

The insurer said that it retained 99% of existing tonnage during the 2020/21 renewals.

Gard Chief Underwriting Officer Bjornar Andresen said that “the marine market has seen considerable instability in the last year and this creates uncertainty and concern amongst owners. Insurance should be something which offers predictability, which is why delivering consistency in our product, pricing and service is the bedrock of what we do.”