Shipowners’ Club Director of Underwriting Ian Edwards has noted that, when the Club’s Board met on October 31st 2022, it was observed that the Club was in a market leading underwriting position, but potentially faced some headwinds by virtue of inflation running at higher than historic levels.
“The big unknown is inflation and, given that it has been a relatively benign year for claims, especially to the International Group Pool, we haven’t seen the impact of inflation. This may change, but the key thing is that we only ever ask Members for what we need”, Edwards said, adding that “we don’t like surprises and neither do our Members and their brokers”. Sticking to that promise and mindful of increases in premium requested through General Increases in recent years, the Board resolved that no General Increase would be applied across the Membership for policy year 2023.
With the exception of a 10% increase in the Yacht sector and increases for some Members operating Dry Cargo vessels, the decision meant the Club was one of the only Clubs in the International Group (IG) Clubs not to apply a General Increase.
CEO Simon Swallow said that “the role of the broker is hugely important. They are our business partners. The building of trust between insurer and assured is essential and that is achieved through the broker who remains at the heart of our relationships with so many of our Members.”