CHARTERER’S BUSINESS


On average the Club had in excess of 80 million gt of chartered business on risk at any one time during 2010. The overall premium derived from the charterers’ book of business has remained between $45–50 million per policy year between 2008 and 2010 and did not suffer a meaningful decline in activity as shipping rates slumped and global chartering activity slowed. Momentum was maintained through a combination of new charterer Members and a better than expected level of chartering activity from existing Members. The charterers’ book of business is now an important part of the Club’s


overall activity and makes a positive contribution to the financial results.


Broker relations remain important to the Club, with more than half the Members of the Club entered through an intermediary. The Club seeks to work closely with intermediaries in all aspects of the underwriting process and sharing of information about the Club. The Club hosted a series of broker receptions and financial briefings during the year, and continued to improve the online resources available to both Members and brokers.


The 2010 financial year has seen a continuation in the positive trend in the claims development on the


CLAIMS Table 3: Net notified claims for policy years 2001–2010 at February 2011


more recent policy years, particularly 2009, as can be seen clearly in the table below.


100 150 200 250 300 350


50 0 0 4 8 12 16 Quarter 9 20 24 28 32 2007 2006 2005 2008 2009 2010 2004


2001 2002


2003


Notified claims ($m)


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