Steamship reports continued tonnage growth

Steamship Mutual has reported a continued growth in the Association’s owned entry, up by 1.5m tons to 160m tons from February 20th 2018 to January 20th 2019.

At a Board Meeting in Tokyo on January 29th it was stated that, for the 2018/19 policy year, claims of up to $250,000 were slightly lower than at the same point last year. This was in line with the average experience of the past five years. The number of claims in excess of $250,000 was higher than the previous year’s average, but the sum of those claims was in line with the five-year average.

Pool claims across the International Group were higher than in 2017/18, which itself was notable for a high level pf claims compared with previous years.

Steamship observed that so far this policy year it had made no claims on the poo, but 18 claims had been reported by other group clubs. “Even at this early stage of development we can anticipate a higher cost than last year”, Steamship said.

For 2017/18 and prior policy years the overall development of claims had been slightly less favourable than had been expected.

On the investment side, for the 11 months to January 20th the Club had recorded a small gain, excluding FX movement impact.

The Bermuda Club will make a distribution to Members amounting to 10% of premium paid for Class 1 P&I mutual entries in the 2018/19 policy year, in respect of vessels whose entries are renewed for the 2019/20 policy year.