Six of the world’s leading marine insurers launch a groundbreaking initiative to provide transparency on carbon emissions and support the shipping industry’s green transition

The UK P&I Club (“The UK Club”), a leading provider of P&I insurance and other services to the international shipping community, has had its rating revised from A (negative) to A-(Stable) by the rating agency S&P Global.

The International Union of Marine Insurance (IUMI) releases its 2021 analysis of the global marine insurance market – known as IUMI Stats Report.

At its meeting held virtually from New York yesterday, your Board reviewed the American Club’s present and prospective circumstances by reference to a variety of factors. This Circular describes the issues discussed by your Board, and the decisions it reached in consequence of those discussions.

Members and/or manning agents are responsible for meeting the costs of the PEME scheme at the point of use. The costs of the enhanced PEME has been fixed by Standard Club and all approved clinics within the same country will charge the same cost.

At the half year point, the Club reported a Combined Ratio of 100.9%, with an underwriting deficit of US$ 0.9m. Having requested a 5% policy year General Increase in February 2021 it was expected that rating levels would be sufficient to return the Club to a breakeven underwriting position. Whilst the necessary premium increases are being secured as Members renew their entries, the level of claims arising from COVID-19 has been significantly higher than had been anticipated.

North P&I Club has announced the appointment of Michael Asherson as Claims Director, in a return to the Club for one of shipping’s leading experts in maritime and insurance law after three years in private practice in his native South Africa.

Thomas Miller Specialty, a global insurance provider across a number of sectors including Marine P&I and Offshore Marine and Energy, has announced that its three year close and collaborative partnership for fixed premium P&I with AIG will end with effect from 1st January 2022. This is a strategic move for both Thomas Miller Specialty and AIG with both parties looking forward to continuing their strong and supportive relationship in other business areas going forward.

At the Steamship Mutual Board Meeting held in London on 26 October 2021, the Directors reviewed the Club’s financial position and decided on the policy for the forthcoming renewal on 20 February 2022.

The club previously published guidance related to reporting emissions data into the IMO Data Collection System (IMO-DCS) and EU Monitoring, Reporting and Verification (EU-MRV) regimes.