STEAMSHIP MUTUAL GROWS TONNAGE AS COST OF CLAIMS RISE

Steamship Mutual saw the cost of claims rise 6% in the 2015/16 policy year, despite a reduction in claims numbers. In a circular to members, Steamship said prior year claims have continued to develop favourably. The club’s owned entered tonnage rose by 3.2million tonnes during the policy year, taking its combined owned and chartered tonnage to 128million tonnes overall. Steamship said this growth was ahead of expectations and reflects continued support from existing members, including those who have only recently entered vessels with the club. Steamship said its modest allocation to global equities had protected its investment portfolio from the impact of fears of a global economic slowdown and the rapid fall in commodity prices, both of which are linked to a rebalancing of the Chinese economy. Excluding currency related losses which are allocated to the underwriting result, Steamship said its combined portfolio has recorded a break even investment return for the 11 month period.