This site uses cookies to store information on your computer. By using our site you accept the terms of our Privacy Policy
We provide protection and indemnity cover with other insurances for shipowners, charterers and offshore energy operators. We are S&P ‘A’ rated and one of the premier mutual P&I insurers by tonnage and membership.
Teams of marine and technical personnel provide advice and best practices that underpin our ability to manage risks, deliver value and sustain financial security
Through offices in major hubs and a network of correspondents we cover the globe, responding to incidents with immediate, practical advice and ongoing support to resolve matters as positively as possible.
Standard Club is a specialist marine and energy insurer known for its diverse membership, pioneering loss prevention expertise and attractive pricing.
An actuarial assessment is undertaken to establish the level of release calls for each policy year, as the various risks to which the club is exposed could lead to a wide variety of profit and loss outcomes.
The club has considered each of a large number of possible results to assess the probability of the free reserves falling to a level at which a supplementary call might be made. The size of such a supplementary call, weighted by the probability of requiring a call of that size, represents the liability foregone by a member who leaves the club. A benchmark release call rate is calculated as this amount plus a risk transfer premium, adjusted to take into account any commercial or market considerations. The reduction in release calls reflects several initiatives launched by the club in recent years to enable it to better anticipate claims developments and achieve early accurate estimating, thus avoiding any late deterioration in the incurred amounts for each policy year.
Policy year
0
6
7
The release call levels for the Standard London Class were set at 0% of ETP for each open policy year, on the same basis as referred to above, but reflecting the fact that the class has slightly higher relative free reserves.
