Renewal change

Britannia P&I Club manager Tindall Riley has said that, going forward, members’ renewals would be underwritten on their individual records and that the club intended to move away from the concept of a general increase for both P&I and FD&D. The Club has declared a US$15 million capital distribution to its mutual members after admitting the 2018/2019 policy year was challenging, with lower than projected investment returns and higher than expected claims. It said that moving into policy year 2019/2020, claims continued to be high, in particular those in excess of $1 million. For the current policy year the Club anticipates a combined ratio of 108 per cent.