Emergency Contact Renewal 2021/2022 Home Latest updates News Renewal 2021/2022 30 Nov 2020 Download Sign up for alerts 30 NOVEMBER 2020 – At the 2020 half year stage, the Club reported a Combined Ratio of 102.2%, with an underwriting deficit of US$ 2.2m. Whilst this represented a deficit in line with expectations, this result is against the turbulent backdrop of COVID-19. As a result of the pandemic, the Club has experienced a lower incidence of claims, which in most cases was due to reduced vessel operations. This reduction however, was offset by some sizeable claims as a result of COVID-19 outbreaks on board vessels. When the Board met this month, it was noted that, whilst claims to the 2020 Policy Year had continued to develop in line with budget, the 2019 Policy Year had continued to show a much higher level of claims than any recent prior year, due to the Club’s own claims and contributions to the International Group’s Pooling mechanism. Furthermore, the Club continues to cautiously monitor the 2020 Policy Year and make provisions for an even higher level of claims to the International Group Pool (as already notified) which will further impact the Club’s overall position. Investments The Club’s year to date return on investments has been impacted by the market fluctuations resulting from COVID-19. An overall gain of US$ 752k had been recorded at the end of June 2020. Since then the markets have continued to generate positive returns, but market volatility is such that the Club cannot place reliance on the investment portfolio to offset any underwriting shortfalls. 2021 Financial Year Looking ahead to 2021, the Club remains absolutely committed to supporting Members by striving to maintain a supportive and sympathetic approach to claims, ensuring prompt settlement and continuing to provide cover for liabilities that may arise from COVID-19. The Club expects to see continued growth in Member numbers, vessels entered and total tonnage, building on the encouraging