2022/23 P&I Renewals update

28 February 2022

Statement from Ian Gooch, CEO of the Club’s management team

The Club’s 2022 renewal strategy focused on the sufficiency of Member rating and deductible levels. Prolonged downward pressure on pricing in the sector coupled with the increasing cost of claims in the recent and current policy years meant that firm action was required to maintain the Club’s financial strength and support the delivery of sustainable underwriting results going forward.

We can now report that our targeted premium increases have been achieved. Additionally, renewal terms were not offered to a number of Members with consistently challenging records. These measures enable the Club to enter the new policy year in stronger shape and with an enhanced risk profile.

The determined focus of the renewal strategy and the required increases inevitably meant that in some cases terms were not agreed. However there was a retention rate of over 90% for those Members that were offered terms - and we are grateful for their confidence and support. The Club’s mutual entry following the renewal stands at 44.1m gt; the comparative position 12 months ago was 48.9m gt.