Emergency Contact Renewal 2020/2021 Home Latest updates News Renewal 2020/2021 28 Nov 2019 Download Sign up for alerts At the 2019 half year point, the Club reported a Combined Ratio of 105.9%, with an underwriting deficit of US$ 5.7m. This represented a deficit marginally higher than budgeted, which was determined to be largely the result of the increased quantum of claims in both 2018 and 2019 when compared with 2016 and 2017. When the Board met this month, it was noted that the 2019 position had been impacted by two claims in excess of US$ 5m but also an increase in claims activity in the claims band US$ 500,000-US$ 5m. It was also acknowledged that the quantum of claims reported by Clubs to the International Group, through the Pooling mechanism, had continued at a higher level than in 2016 and 2017. The Club therefore anticipates that the underwriting deficit reported at the half year stage will continue for the 2019 year. Investments The Club’s year to date return on investments has been higher than expected; an overall gain of US$ 32.8m had been recorded at the end of June 2019. This should be viewed in the context of an investment loss for 2018 of US$ 28.8m. 2020 Financial Year Looking ahead to 2020, the Club expects to see continued growth in Member numbers, vessels entered and total tonnage, building on the encouraging organic growth and also the new enquiries that the Club has so far experienced during 2019. Claims are broadly expected to be in line with 2019. Whilst volatility in larger claims remains, the overall cost of lower value claims remains similar year on year with risk management, newer vessels and our ongoing focus on quality offsetting other inflationary factors. Claims frequency continues to fall year on year but the cost of the same claims today are higher than they were when the Club last asked for a general increase in premium. 2020 General Increase While the Club has a policy of underwriting to a breakeven position, the Board has agreed f