THE London P&I Club has issued an advance summary of its result for the 2016/2017 financial year, ahead of the publication of its annual report. The Club recorded an overall surplus of $27.3m, increasing the free reserve to $188m. The combined ratio was 97.9 per cent. The positive technical performance was supplemented by an investment return of 8.4 per cent.
Ian Gooch, CEO of the Club’s management team comments: ‘There were various drivers behind this positive result, with the claims environment – which remained benign by longer-term historic standards – being an important factor, even though it was not as favourable as the 2015/2016 year. In particular, we saw a notable reduction in retained claims in the band between $500,000 and $1m and in the level of claims falling on the International Group Pool’.