The Management Highlights reports the Club’s key statistics, financial figures and provides an overview of their underwriting, claims, loss prevention, sanctions and sustainability activities.
The Chair of Steamship Mutual Underwriting Association Limited for 2022/23, Armand Pohan, was quoted as saying:
“Just under 90% of the world fleet is insured in the IG,” said Pohan. “This insurance protects not only the shipowners, but also those impacted by a maritime accident. However, the increase in the numbers of vessels trading without the benefit of IG Club cover is a concern, particularly in the tanker sector where the environmental consequences of a casualty can be significant.”
Pohan goes on to say:
“Entry of a vessel in an IG Club is an indication of quality of the ship, and also provides insight into the quality and experience of the vessel’s officers, crew and shore management. In the event of a loss an IG Club will provide advice, expertise, and other resources to manage the response to an incident swiftly, efficiently, fairly, and responsibly. It is perhaps inevitable that a loss involving a tanker without the benefit of the cover and expertise that the IG Clubs provide may have a less favourable outcome.”
Mr Pohan also addressed the issue of General Increases:
“As shipowners, the Board is mindful of the burdens that are imposed on Members when General Increases are required. These decisions are taken only when necessary, and the latest results will hopefully signify a period of premium stability. However, the circumstances that led to the very high claims levels in 2020/21 and 2021/22 remain; and with inflation prevalent throughout the world economy there is no room for complacency.”
