Group Club update from broker Tysers: 2021-22: #7 Shipowners

Broker Tysers said that Shipowners Club could be considered “the most boring Club to review, although this is for all the right reasons”.

Tysers said that “yet again the Club has delivered a set of results that are the envy of the International Group and show it need have no fear of competition within the Group or from inferior commercial offerings”.

A 99% membership retention saw gross tonnage rise by 3% to 28.7m gt, with the yacht sector showing the most growth. Gross premium rose by $17m to $249m, while claims were up by just $4m at $161m.

Covid-related claims were up 20% on 2020, but the biggest impact on claims were extreme weather events, including cyclones in India and typhoons in the Philippines.

The largest claim involved the sinking of an accommodation barge offshore of Mumbai, with the loss of 75 lives. That loss was notified to the Pool.

The net combined ratio improved to 98.7% from the previous year’s 101%, producing an underwriting surplus of $2.9m. There was an investment return of $14.5m (3.5%), (helped by the fact that its calendar year accounting period meant that it avoided the market drop during the first seven weeks of 2022), resulted in an increase in free reserves of $17.4m to just over $396m.

Free reserves have grown by $93m since 2019.

Tysers said that Shipowners’ Club “sticks to its core business and does this very well, and an average combined ratio of 98% over the last ten years is a solid performance any Club would be proud of”.

The Club is also rolling out Medisea, an enhanced product for seafarers covering psychological, physical and mental wellbeing assessments to supplement the bare minimum medical examinations. Tysers said that this should reduce the incidence of health-related incidents on members’ vessels.


The Shipowners’ Protection Ltd

Gross Tonnage

Owned 28,721,000
Chartered N/A

Standard & Poor’s Rating          A

Free reserves

2022 396,436,000
2021 379,065,000
2020 339,974,000
2019 303,825,000
2018 341,726,000
Year 2022 2021 2020 2019 2018
Calls/Premium 249,005 232,081 224,902 224,267 216,341
Reinsurance Cost 25,835 24,864 24,943 29,270 29,706
Net Claims (incurred) 161,160 157,091 156,491 151,038 136,165
Operating Expenses 59,086 59,159 53,741 52,156 48,709
Net Underwriting Result 2,924 (9,033) (10,273) (8,197) 1,761
Gross Outstanding Claims 506,926 516,216 464,442 440,348 425,420
Total Assets 1,017,123 1,002,390 905,789 843,216 859,393
Average Expense Ratio 23% 22% 23% 24% 22%
Solvency Margin 2.01 1.94 1.95 1.91 2.02
Reserves/GT Ratio $13.80 $13.62 $12.56 $11.15 $13.41

All figures $’000

Vessel type is widely divided among smaller-type vessels.

Tonnage by geography

Europe 19%
Americas 14%
SE Asia/Far East 51%
ANZ & Pacific 4%
Africa/ROW 2%
Middle East & India 10%