Shipowners’ announces no increase in premiums
P&I insurance provider, The Shipowners’ Club, has held its premiums to the previous year’s levels, and has reported an increase of 7.3% in earned premiums for the half-year ended August 2011.
In its half-yearly report, Shipowners states that its strong results are a reflection of the organic growth it has experienced during the 2010 policy year, principally from the offshore sector. Entered tonnage increased by 6.5% to 19.45 million GT, driven by new business.
Commenting on the results, Shipowners’ Chief Executive, Charles Hume, stated: “We are very pleased to announce there will be no general increase to our premiums for the coming year. Despite a recognition that claims are starting to increase again, Shipowners continues to grow, reserves are strong and the underwriting performance for the first half of the year is producing some encouraging signs. We are also conscious that many of our Members continue to experience very difficult operating conditions, and we believe it is part of a club’s role to help owners keep insurance costs to a minimum.”
The company also recently appointed David Heaselden to the new post of Loss Prevention Director.
Shipowners’ said that the post reflects the importance Shipowners’ Club accords to loss prevention advice provided to its Members.
Mr Heaselden sees his new role as having two major objectives: “The first, to enhance and continue the success of the Club’s Loss Prevention initiatives driven by a team which has grown in size and stature to a total of seven staff; and the second, to continue and further enhance the cooperation between the three Shipowners’ branches in London, Singapore and Vancouver in order to deliver the highest standard of loss prevention advice to Members and the industry as a whole”.
The Shipowners’ Club insures 3,733 fishing vessels worldwide.