Steamship Mutual reports improved Combined Ratio for 2022/23 policy year

Steamship Mutual has reported a combined ratio of 95.4% for policy year 2022/23, compared with a CR of 112.7% the previous year. Investments recorded a loss of $26.8m, or approximately 2.4%. This compared with a loss of $2.8m on investments the previous year.

Owned tonnage at February 20th 2023 was 117m gt, up by 6% year on year.

Total entered tonnage, including chartered, was 230m as of February 20th 2023, up from 195m gt 12 months earlier. At the end of the policy year, free reserves stood at $454m, down from from $473m the previous year, but “still comfortably in excess of the S&P AAA rating level.”

An overall 6.65% increase was achieved on renewing owned business. The Board decided upon a 7.5% general increase in respect of all business renewing at February 20th 2023.

The combined financial position of the Steamship Mutual Group will be published in June.

Claims in the International Group Pool were lower than in previous years, although prior year deterioration was more notable than in the past.

At renewal, approximately 3m gt of new mutual business was entered. After adjusting for tonnage which did not renew, the net increase was 1.5m gt.

2020/21 Policy Year: The Directors reviewed the position in relation to the open years and resolved that the 2020/21 Class 1 P&I and Class 2 FD&D years be closed without further calls.

Release Calls: The Directors reviewed release call requirements and resolved that release call levels for Class 1 P&I and Class 2 FD&D should be lowered as follows:

  • 2021/22: 10%
  • 2022/23: 10%
  • 2023/24: 12.5%