The UK P&I Club has announced the successful completion of the P&I renewal for 2025. The Club attracted new tonnage during 2024, which it anticipates will lead to a small increase in the Club’s market share for the 2025 policy year.
The UK P&I Club is committed to continuously improving the quality of its membership to protect its Members from excessive risk exposure and market volatility. This ongoing focus on achieving balanced underwriting has led to the departure of some under-performing tonnage from the Club.
The past 12 months have seen a spate of significant losses across the industry, including the widely reported “Dali” incident, which will have a meaningful impact on general club profitability across the International Group. The impact of this elevated loss activity during 2024 is likely to result in the Club’s year-end combined ratio exceeding breakeven. In spite of these challenges, the Club forecasts a strong investment return for the year.
William Beveridge, Chief Underwriting Officer, UK P&I Club, said: “We are pleased with the outcome of the 2025 renewal and we anticipate another year of positive financial results for the Club. As in prior years, we have seen the great majority of Members renewing with the Club and the portfolio mix continues to improve. Throughout the year, we have attracted strong growth and we expect overall mutual tonnage entered in the Club to increase year on year as the world's global fleet expands.
“In spite of the recent uptick in both frequency and severity of pool and large claims across the industry, the Club remains financially secure and we forecast further growth of the Club’s free reserves, which remain among the strongest in the industry.
“In a market of evolving risk and volatility, we are proud to maintain a consistent, flexible, and partnership-based approach to supporting and protecting our Members.”
