26 May 2021Insurance

North P&I Club shrugs off COVID and record pool claims to post premium growth

North P&I Club, the global marine insurer providing protection and indemnity (P&I), freight, demurrage and defence (FD&D), war risks, hull and ancillary coverage, has reported premium income growth and an improved combined ratio in its 2021 annual review.

The growth comes despite the challenges posed by COVID and a record level of international group (IG) pool claims.

North reported premium income of $406.2 million, up from $346.6 the previous year. Meanwhile, its combined ratio fell to 113.7 percent, from 125.8 percent in 2020.

Thya Kathiravel, North’s chief underwriting officer, said: “Year on year, premium increases were especially notable for Sunderland marine hull, P&I and aquaculture lines and the newer, diversified owners’ fixed premium P&I as well as North’s hull facilities.”

Ed Davies, its chief financial officer, said: “Prudent growth through diversification provided shelter during a year when 19 claims were made via the pooling arrangements shared between the 13 IG clubs with an unprecedented value of $463 million. North absorbed over $90 million in pool costs for the financial year despite experiencing no pool claims in that period.”

Paul Jennings, chief executive at North, highlighted the impact the pandemic has had on its business. “COVID-19 variants also mean that crew transfers are again becoming complex, while the pandemic’s long-term impact on the global economy is uncertain,” he said.

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More on this story

25 February 2020   The move strengthens its position as a leading member of the International Group of P&I Clubs.
21 November 2019   Increase is considered necessary in a climate of rising International Group Pool claims.
19 July 2021   The executive will be responsible for developing its underwriting diversification strategy.