19 May 2014 Insurance

London P&I Club hits $6.6m surplus

The London P&I Club has reported an overall surplus of $6.6 million, which has increased its reserve to $160.6 million. The surplus in 2012/13 was $9.4 million.

The club saw an increase in P&I claims within its retained layers in the 2013/14 financial which was driven by an increase in the cost of claims in the higher severity bands. It reported that this overshadowed an encouraging outturn for claims within the lower severity layers.

There was a reduction to the very high levels of activity in 2011/12 and 2012/13 in claims involving the international group pool, although the cost remained relatively high.

The club recorded a return on invested assets and cash of approximately $24.4 million or 7 percent, which it said reflected positive performance across each major asset class, in particular the equity component of the portfolio.

It reported steady growth in the entry of ships with the club, from existing as well as from new members.

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