Emergency Contact Renewal 2025/2026 Home Latest updates News Renewal 2025/2026 28 Nov 2024 View PDF Sign up for alerts 28 NOVEMBER 2024 - At the half year stage, the Club reported a Combined Ratio of 95.8%, with an underwriting surplus of US$ 5.4m, compared with 98.5% and US$ 1.8m at the same stage of the prior year .   2024 Financial Year Claims from the Club’s Membership are at a slightly lower level than was the case in 2023 but claims to the  International Group Pool are higher. Premium income has continued to increase and this has offset the increase in claims activity, allowing us to report a lower Combined Ratio. Growth has been largely organic, with existing Members expanding their entries in the Club. From an investment perspective the year to date has been favourable, a positive investment result is therefore forecast. 2025 Financial Year Building on growth in the Club’s Membership in 2024 we expect to continue to see steady growth in the number of Members, Vessels and Gross Tonnage during 2025. Inflation will continue to impact overall claims costs and there will also be increases in reinsurance costs, particularly those to the International Group. Overall the Club will continue to target a break even Combined Ratio, providing ongoing stability and cover to Members at cost. We will continue to focus on helping Members mitigate the risks that are faced, through Loss Prevention advice, which helps to offset the increasing cost of claims. 2025 Renewal When the Board met on Wednesday 27 November 2024 it was noted that the Club Underwriting result remained within budget. Whilst claims to the 2023 and 2024 years had been running at higher levels, the Club had continued to see prior year claim improvement. Claims releases on back years, and favourable income development were drivers for the lower Combined Ratio reported in the Club’s Half Year Report. Whilst the Club’s own claims and claims to the International Group Pool had both increased since June