In a claims environment which remained benign by longer-term historic standards, the London P&I Club has recorded an overall surplus of $27.3m.
The London P&I Club has issued an advance summary of its result for the 2016/2017 financial year, ahead of the publication of it[ds_preview]s annual report. The Club recorded an overall surplus of $27.3m, increasing the free reserve to $188m. The combined ratio was 97.9 %. The positive technical performance was supplemented by an investment return of 8.4 %.
Ian Gooch, CEO of the Club’s management team comments: »There were various drivers behind this positive result, with the claims environment – which remained benign by longer-term historic standards – being an important factor, even though it was not as favourable as the 2015/2016 year. In particular, we saw a notable reduction in retained claims in the band between $500,000 and $1m and in the level of claims falling on the International Group Pool.«
