Tysers P&I Club update – 2021/22 results

This year has generally seen a small improvement in the Clubs’ underwriting performances, but most Clubs’ technical losses remain unacceptably high. There was no investment income to help balance the books so overall free reserves have dropped by $270m to their lowest level since 2015 whereas owned tonnage has grown by 36m GT since last year.

Net Combined Ratios

Club 2017/18* 2018/19* 2019/20 ** 2020/21 all business 2020/21 P&I only 2021/22 all business 2021/22 P&I only
American*** 103 116 117 116 116 129 129
Britannia**** 96 113 132 120 120 116 116
Gard***** 103 116 102 104 112 94 100
Japan 101 86 113 108 108 134 134
London****** 119 140 137 137 137 155 155
North 104 105 126 114 114 107 106
Standard 107 113 131 121 121 105 105
Shipowners 99 104 105 101 101 99 99
Skuld 99 98 109 108 121 107 111
Steamship 113 116 100 125 125 113 113
Swedish 105 99 106 123 146 129 159
UK 91 114 120 150 150 115 115
West 116 114 107 140 140 114 114

* After changes to calls but not including capital distributions

** Britannia and Steamship net of capital distributions

*** American Club 2021/22 excluding EBUB (unbilled additional calls). NCR including EBUB 112%

**** Britannia 2021/22 before capital distribution $25M

***** Gard 2021/22 Before owners general Discount

****** London 2021/22 excluding Supplementary calls for 2019,2020 and 2021. NCR including the calls is 92.4%