London P&I Club Reports Increased Free Reserves

The London P&I Club’s result for the 2013/2014 financial year produced an overall surplus of $6.6m, increasing the free reserve to $160.6m.

There was an increase in P&I claims costs within the club’s retained layers in the financial year. The club’s management team notes that this was driven by an increase in the cost of claims in the higher-severity bands, which overshadowed an encouraging outturn for claims within the lower-severity layers, particularly at the day-to-day attritional level.

There was a reduction in the level of claims involving the International Group Pool compared to the very high levels recorded for 2011/2012 and 2012/2013, although the cost remained relatively high.

In the year to 20 February 2014, the London Club recorded a return on invested assets and cash of approximately $24.4m, or 7.0 per cent, reflecting positive performance across each major asset class, in particular the equity component of the portfolio.

Over the course of the policy year there was steady growth in the entry of ships with the club, from existing as well as from new members based in countries which included China, Greece, Singapore, Turkey, and the UK.

Going into the current policy year, the club’s owned mutual entry had increased by approximately 2m gt to 43.1m gt, in addition to which the charterers’ facility continues to perform steadily.

 

May 16, 2014

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

CrewConnect Global 2019

CrewConnect Global is the leading forum for collaboration to advance new industry approaches to seafarer recruitment and training.

read more >

The 5th CWC China LNG & Gas International Summit

Gain Access to Global LNG & Gas Decision Makers in China

Take a peek inside our 2019 Introductory Brochure and stay on top of this rapidly developing market.

See who is already working with us this year as Speakers, Sponsors and Partners – download your Preview Brochure today and meet them in Beijing on 15-16 October 2019.

As the world’s second largest LNG importer, China will remain the biggest contributor to global LNG demand growth in the foreseeable future. Network with global LNG & gas decision makers, buyers, NOCs and Government Officials at the industry’s leading international event in China.

More info

read more >

CEDA Dredging Days 2019

CEDA Dredging Days programme will follow its successful format of contributed peer-reviewed…

read more >

Offshore Wind Europe 2019

#OWEU19 is a meeting place for governments, developers and suppliers to grow the confidence in wind power. Perfect to grow your business by securing new customers, meeting officials and industry heads.

read more >