The Steamship Mutual P&I Club has decided not to seek a general increase on any class of business in 2015/16. The club’s decision seems largely influenced by its improving financial position amid continued downwards pressure on its members’ earnings. The strengthening of the club’s finances is related to an improvement in back year claims together with a moderate claims experience in the current year. The Club circular also points to a lower incidence of claims hitting the pool layer and a modest investment return in the context of their decision. Adjustments in ‘excess of loss’ reinsurance costs will  continue to be passed on to the members.

The full Steamship Mutual P&I Club circular can be found here.