Norway’s Gard has seen its mutual book of P&I business grow by another 17m gt following the 20 February policy renewal.
Another bumper year of growth at Arendal-based insurer comes as the UK's North P&I Club and Standard Club merged this week to offer a challenge to the Gard’s position as the shipping industry’s largest insurer.
Around 11m gt of the 17m gt was added to Gard's P&I portfolio during the renewal, with the rest added by existing members throughout the year.
Two thirds of the renewal business came from Gard’s existing members.
The overall retention rate at renewal was around 99.4% and Gard’s total mutual insured fleet now stands at a whopping 277m gt.
“It has been a strong vote of confidence from our existing members,” said Gard chief executive Rolf Thore Roppestad who noted the club also made significant gains in its charterers business.
Roppestad said that the mutual insurer had achieved the targetted increase in premium of between 5% and 7% which put it in a good position for the rest of the year.
“We have a good platform for 2023 by adding some good business at renewal and at the same time getting a good increase on the existing P&I premiums,” he said.
He added that the increase in premium income will help Gard cope with global inflation, one of the biggest challenges it faces today.
“A good year last year came mostly from the marine and energy side.
“P&I is very marginally priced, so what we have achieved this year is the right level of adjustment.”