Emergency Contact Renewal 2024/2025 Home Latest updates News Renewal 2024/2025 2 Nov 2023 Download View PDF Sign up for alerts 2 NOVEMBER 2023 - At the half year stage, the Club reported a combined ratio of 98.5%, with an underwriting surplus of US$ 1.8m, compared with 96.2% and US$ 4.3m at the same stage of the prior year. Mindful of the impact of inflation on the cost of claims going forward the Board resolved that a 5% General Increase should be applied for 2024. 2023 FINANCIAL YEAR Claims from the Club’s Membership are at a higher level than was the case in 2022. Whilst the usual volatility in claims is a factor, it is also clear that the impact of inflation is feeding through to the cost of physical damage claims, illness and injury claims and the cost of experts to handle incidents. The same claims cost more today than was the case previously. Balanced against a higher level of claims, the level of income we derive has increased. This has been achieved from a mixture of new business, organic growth and from targeted premium increases from the Dry Cargo and Yacht sectors to address the performance in these specific areas. This increased income, together with reasonably favourable development on prior year claims means we expect to deliver a break-even underwriting result for 2023.  From an investment perspective the year to date has been favourable, a positive investment result is therefore expected. 2024 FINANCIAL YEAR Building on growth in the Club’s Membership in 2023, we expect to continue to see steady growth in the number of Members, vessels and gross tonnage during 2024.  Inflation will continue to be influential in terms of overall claims costs, some increases in reinsurance costs must also be expected. The Club will continue to target a break-even combined ratio, providing ongoing stability and cover to Members at cost. The Club remains focused on helping Members mitigate the risks that are faced, through Loss Prevention advice and our Medise