Moving into the new P&I policy year, the London P&I Club has seen further growth in its owners’ tonnage, in addition to strong growth in its charterers’ book of business.
Ian Gooch, Chief Executive of the Club’s management team said: “The recent renewal was particularly challenging for a number of reasons, including the depressed trading conditions in many sectors.
“A key part of our strategy involves work to strengthen the club’s long-term technical performance, and the renewal saw some especially intense dialogue and detailed analysis of loss records and risk exposures with members and brokers. It was also the case that, for various reasons, terms were not agreed with some members. But there were also good opportunities to attract additional entries from existing members, and we were pleased to welcome a number of new members to the club as well.
“The overall result is that the club achieved further controlled growth in its owners’ entry of around 1.5 per cent on the position twelve months ago. We were also pleased to see growth in the club’s charterers’ entry during the 2015/16 year and especially at the recent renewal, including new entries from a number of European and Far East-based charterers.”