The Board of directors have acknowledged that notwithstanding the benign large claims environment this year, the technical result for the mutual products remain negative. The combined ratio on an operational level for all products is positive at the half year stage, and the efforts to improve the performance of the mutual portfolio need to be sustained, particularly as the Clubs remain under scrutiny from the rating agencies.

Whilst Skuld doesn’t set General Increase anymore, the Board has set a target of 10% increase in premium overall on the P&I mutual entries for 2023, before adjustment for the International Group excess of loss contract.

Release calls are set as follows for P&I:

2020/21: 7.5%

2021/22: 10%

2022/23: 15%

2023/24: 15%

Full details of the Club’s position are available in their Circular.