The UK P&I Club said it has grown its mutual protection-and-indemnity fleet to 152.5m gt following the recent annual round of policy renewals.
The Thomas Miller-managed mutual said 99% of its members had agreed to renew their P&I cover with the club.
Along with the high retention percentage, the UK P&I Club said it has also added some new members.
The club had asked members for a 10% general increase in rates at this year’s renewal.
Chief executive Andrew Taylor said the UK P&I Club’s underwriters took a disciplined approach to this year’s negotiations.
“Strong underwriting discipline, risk selection and a fair and transparent approach to members remain core to the continued success of the UK P&I Club,” Taylor said.
The club’s combined mutual owned and chartered tonnage now stands in excess of 260m gt.
Although P&I clubs are generally experiencing improved underwriting results as a result of fewer claims in the last year, they still face challenges — including the impact of inflation on their claims costs.
Taylor said the UK P&I Club is in a good long-term financial position.
“Whilst we remain cautious about the challenges the marine insurance sector faces, we are pleased that our long term financial stability and diversified offering continue to be attractive to our members, evidenced by this positive renewal for the club,” he said.
