Emergency Contact Annual Report 2021 Home Latest updates Publications Annual Report 2021 14 Apr 2022 Sign up for alerts The Shipowners’ Club, the leading mutual P&I insurer in the smaller and specialist vessel sector, has reported encouraging results for the year ending 31 December 2021. For the 2021 financial year, the Club has reported a combined ratio of 98.7% which was slightly ahead of budget. Responsible underwriting for the benefit of all Members in the last year brought an increase in premium of 7.3% to US$ 249.0m. The Club reported an overall surplus of US$ 17.4m, partly as a result of the modest underwriting gain of US$ 2.9m but primarily driven by a gain of US$ 15.6m on the investment portfolio, reflecting a return of 3.5%. This result brought the Club’s free reserves to US$ 396.4m which has contributed to the Club’s A (stable) rating from Standard & Poor's. Financial and Member data summary Combined ratio 98.7% (2020: 101.0%) Underwriting surplus US$ 2.9m (2020: deficit of US$ 2.0m) Earned premiums, net of reinsurance US$ 223.2m (2020: US$ 207.2m) Incurred claims, net of reinsurance US$ 161.2m (2020: US$ 154.0m) Investments returned a gain of US$ 15.6m (2020: gain of US$ 49.8m) Capital and free reserves US$ 396.4m (2020: US$ 379.1m) Entered Members 8,263 (2020: 8,182) Entered tonnage 28.7m (2020: 27.8m) Entered vessels 34,167 (2020: 33,831) Share: Share: Back to top Latest insights 21 Apr 2026 Annual Report 2025 View article Annual Report 2025 23 Feb 2026 年规则 2026 View article 年规则 2026 23 Feb 2026 Regels 2026 View article Regels 2026 Sign up for alerts