Reinsurance News

UK P&I Club reports continued support from members at renewals

26th February 2021 - Author: Katie Baker

The UK P&I Club, a provider of protection and indemnity (P&I) insurance and other services to the international shipping community, has announced its renewal results for 2021.

UK P&I ClubDespite the challenges of a remote renewal, 98% of its members have renewed for a further year.

The Club achieved its key target of improving premium rates with a small reduction in tonnage.

The combined Mutual and chartered tonnage entered into the Club remains above 255 million gross tons. Mutual tonnage at the start of the new year is 137 million gross tons.

Andrew Taylor, Chief Executive Officer of UK P&I Club, says: “The Club’s primary goal remains to deliver a stable and secure Club working in partnership with our Members to attract carefully selected tonnage at the right rates, which we have achieved at this renewal. The Club was pleased to welcome new Members selecting the UK Club as their insurance partner.

“The Club continually seeks to innovate and enhance its services beyond simple claims handling and underwriting. This philosophy has underpinned substantial investment in loss prevention to improve the performance of Members’ fleets. During a year like no other, the UK Club and its Board greatly appreciates the continuing commitment of our Members as we work in partnership with them to continually improve our service.”

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