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Steamship Mutual Financial Update and 2021/22 Renewal
At their Board Meeting held on 25 May 2021, the Directors of Steamship Mutual approved the Clubs’ Report and Accounts for the 2020/21 policy year and authorised publication of the following key points in advance of the release of detailed results.
Highlights
Free Reserves remain in excess of US$ 511 million despite the challenges presented in 2020.
At renewal approximately 5.7 million GT of new tonnage entered the Club from both existing and new Members.
2021 opening entered tonnage stood at 177 million GT.
The Club achieved a 4.5% increase on renewing owned business.
International Group Pool and Covid claims raised the combined ratio higher than expected to 125.4% with the average combined ratio for last six years at 99.2%.