Emergency Contact Renewal 2023/2024 Home Latest updates News Renewal 2023/2024 3 Nov 2022 Download Sign up for alerts 3 NOVEMBER 2022 – At the half year stage, the Club reported a Combined Ratio of 96.2%, with an underwriting surplus of US$ 4.3m. Mindful of increases in premium requested through General Increases in recent years and the overall positive Underwriting result, the Board resolved that no General Increase would be applied across the Membership. 2022 Financial Year Both claims from the Club’s Membership and to the International Group Pool have been lower than expected which has offset the impact of inflation. Since the half year point, however, claims from the Club’s Membership have been running at a slightly higher level. This includes a number of relatively significant claims in the superyacht sector arising from fires (arising from lithium-ion batteries and other electrical faults), groundings and sinkings. Over the last few years, with the exception of 2020 which saw a much lower level of operations due to COVID-19, we have seen a steady increase in the level of claims from the Yacht sector such that the overall result is coming under significant pressure. To a lesser extent we continue to see claims from the Dry Cargo sector also running higher than can be covered by the premiums debited, although this is more dependent on the geographic area in which operations are undertaken. Despite these relatively poorer performing sectors, with the 5% increase in premium requested for 2022 and better than expected organic and new business growth, the Club is on course to report income in excess of budget and a Combined Ratio of less than 100%. From an investment position it has been a significantly more challenging year. Unusually, investments in fixed income and equities have both seen declines. This, coupled with US Dollar strength generating FX losses, has led to a marked reduction in the Club’s portfolio, both as at the half year and since. Close to half of