For the first half of the 2021 financial year, the Gard group results have been negatively impacted by the continuing trend of large Pool claims, as well as COVID-19 related crew claims and pandemic-driven cost increases in hull, loss of hire and P&I casualty.
9 November 2021
Key figures for the period ending 20 August are:
Rolf Thore Roppestad, CEO of Gard, said: “The Gard results for the first half of the year are being shaped by a number of forces – most of which are being experienced across the sector. The first is the ongoing trend of increasingly severe Pool claims. In addition, we have seen a higher-than-normal number of severe marine claims, as well as increased costs of claims from the impact of COVID-19.
“Gard remains strongly capitalised however and our financial results, both for underwriting and investments, have improved since 20 August. This has allowed the Board to give an Owners’ General Discount for the 2022 policy year of 5% on the agreed ETC.
“Our ambition remains consistent; to deliver value through a comparatively low insurance cost for Members over the long term, to support individual Members and clients with the products and services needed to manage risks and maintain the long-term financial health of the group. In recent years, buyers of owners’ mutual P&I have benefitted from reduced premium rates due to a more benign claims environment. The reversal of this means we need to adjust rates upwards for the 2022 renewal. Premium income has increased in the first six months – mainly due to rate rises, but further adjustment is necessary for the portfolio overall. That said, we continue to price risks individually. As in past years, we are seeking to balance a small loss for our mutual P&I book with contributions from our commercial business lines and our investment portfolio.”
Notes to Editors
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