Steamship Mutual confirms free reserves likely to increase

Steamship Mutual has reported that free reserves are expected to increase at the end of the policy year. The “excellent underwriting performance continues with a positive investment return adding to the projected surplus”, the club said following the Club’s Board meeting in Mumbai on 24th January.

Steamship said that it had benefited from a benign claims environment with a low incidence of both large and small claims. “At this early stage the development of claims in the current policy year is significantly lower than at the same point in recent years both in severity and in number”, Steamship said.

No new claims were notified by the Group Clubs to the International Group in Q3, which meant that the incurred experience on the IG Pool is also lower than it was last year. The Club’s review for its first three quarters showed a “broadly favourable” claims development with projected reserve releases on prior years in line with the Board’s expectations. In the eleven months ending January 20th the Club recorded an investment return of 2.5%, excluding currency movements.