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Press release: Strong 2022 renewal result for Standard Club
The Standard Club, a leading shipping protection and indemnity mutual insurer, has announced its renewal results for 2022. 98% of the existing membership has renewed and with significant organic growth from existing members,...
The Standard Club, a leading shipping protection and indemnity mutual insurer, has announced its renewal results for 2022. 98% of the existing membership has renewed and with significant organic growth from existing members, together with a number of new members joining, the club now insures 158m gross tons having grown by 11m at renewal.
Commenting on the results, Jeremy Grose Chief Executive said:
“We are pleased to have such a strong endorsement from our members in a very competitive market. Our strategy of attracting carefully selected tonnage across all areas of the business continues to pay off. We are an extremely diversified club and I am particularly pleased to see growth in our Offshore, European, Asia and International divisions. Despite 2021/22 being a heavy year for market pool claims, the prudent action taken by the club during the previous renewal is already having a positive impact: we are forecasting an improved combined ratio for 2021/22 of 105%.”
February 2022 saw the launch of a Coastal & Inland class in Asia which has already underwritten in excess of US$1m of premium. The class provides specialist cover to commercial coastal vessels – typically up to 10,000gt – operating in harbours and coastal areas.
Joint venture partnerships with Tokio Marine Nichido Fire (Japan), Korean P&I Club (South Korea) and Ping An (China) have also supported expansion.
The popular Strike & Delay class has delivered significant year on year premium growth against a backdrop of supply chain difficulties and strong container and dry bulk markets in 2021. The class provides cover for ship delays of up to 21 days as well as tailored delay extensions and a fixed premium solution for selected delays of up to 180 days.