Broker Tysers noted that 2021/22 was “another difficult year for the Club”, with free reserves declining by $40m to $251m.
On the plus side, the combined ratio fell from 140% to 114%. Excluding Covid claims, the ratio was 101%, which the Club felt showed an underlying improvement in claims performance.
A negative investment return of 0.9% meant that the net figure was not supported by investment returns.
Gross premium rose by $23m to $266m, while net claims were down $29m at $210m. No individual claim with West hit the Pool.
At the 2022 renewal the Club adopted a rhea de-risking strategy. That saw 22m in gt, which had a combined net loss ratio of 170%, not being offered renewal. Year on year owned mutual tonnage dropped by 16m gt to 90m gt.
One immediate result of this was that the Club’s contribution to Pool claims dropped from 10.3% to 7.3%, a significant benefit if Pool claims continue to run at the high levels of recent years.
Self-managed
Gross Tonnage
| Owned | 90,100,000 |
| Chartered | 45,000,000 |
Free reserves
| 2022 | 251,185,000 |
| 2021 | 291,134,000 |
| 2020 | 338,147,000 |
| 2019 | 306,373,000 |
| 2018 | 308,533,000 |
Standard & Poor’s Rating A-
Tonnage By Vessel Type
| Bulkers | 42% |
| Tankers | 36% |
| Containers | 8% |
| Cargo/reefers | 10% |
| Ferries/Passengers/Other | 4% |
Tonnage By Geography
| Europe | 41% |
| Asia | 46% |
| Americas | 4% |
| Other | 9% |
Key Figures
| Year | 2022 | 2021 | 2020 | 2019 | 2018 |
| Calls/Premium | 266,457 | 243,037 | 221,663 | 219,726 | 213,797 |
| Reinsurance Cost | 43,618 | 41,281 | 39,908 | 38,646 | 37,496 |
| Net Claims (incurred) | 210,065 | 239,511 | 156,726 | 169,668 | 169,143 |
| Operating Expenses | 44,867 | 42,606 | 38,182 | 37,438 | 35,392 |
| Net Underwriting Result | (32,093) | (80,361) | (13,153) | (26,026) | (28,234) |
| Gross Outstanding Claims | 686,834 | 757,465 | 548,719 | 567,069 | 577,660 |
| Total Assets | 1,025,152 | 1,127,841 | 927,072 | 912,460 | 918,531 |
| Average Expense Ratio | 15.06% | 14.60% | 14.60% | 14.68 | 14.75% |
| Solvency Margin | 1.49 | 1.48 | 1.69 | 1.61 | 1.59 |
| Reserves/GT Ratio | $2.79 | $2.74 | $3.33 | $3.30 | $3.41 |
All figures $’000s