Britannia declares strong results
(Posted on 18/05/20)
After a third consecutive renewal with a zero general increase, Britannia’s total calls and premiums for 2019/20 were down marginally on the prior year. However, lower claims incurred in the financial year resulted in a satisfactory underwriting surplus of USD29.3m and a net loss ratio of 79.9% (2018/19 – 83.8%). The well diversified investment portfolio produced a strong return of 7% overall, with equities being the strongest performer at 16.5%. All asset classes produced a positive result and the overall investment gain was USD61.9m, nearly twice the long-term target.
Capital resources grew by USD31.4m, after taking account of the USD25m capital distribution made to mutual Members in the year and remain above the economic capital target set by the Board.
In the period immediately after the year end, investment markets were impacted by the uncertainty caused by the COVID-19 pandemic and much of the investment gain made during the year was reversed. However, the Association’s strong financial position leaves it well placed to face the challenges posed by the uncertain global economic conditions likely to be experienced in the months and years ahead.
The aggregate value of retention claims incurred during the 2019/20 policy year was in line with expectations and was USD20m lower than the previous year at the equivalent stage. The number of notified claims was 4% lower than in the previous year. Whilst claims within the International Group Pool were higher than recent policy years reserves held against Britannia’s share of those claims have been set at a level sufficient to absorb any further deterioration.
Commenting on the results for the year ended 20 February 2020 and the outlook for the current year, the Association’s Chairman, Anthony Firmin, stated:
“Britannia continues its mission to be the finest provider of P&I and FD&D insurance and for 2019/20 has achieved another strong set of results. The Association’s robust operating model and financial strength also allows it to support our Members through further investment in service, including IT and our regional hubs. We recognise that since 20 February 2020, COVID-19 has had a material impact on the world economy and the maritime sector. Despite the majority of our staff worldwide currently having to work from home, we are maintaining ‘business as usual’ standards of service and we do not anticipate that the effect of COVID-19 will have a material impact on Britannia’s own claims for the 2020/21 policy year. “
Latest News
Potential officer shortage looms
(Posted on 29/07/21)Launched this week, the new Seafarer Workforce Report from BIMCO and the International Chamber of Shipping... Read more
DNV backs crew change programme in SE Asia
(Posted on 29/07/21)DNV, the world’s leading classification society and risk management expert, is embarking on an... Read more
IMI and Columbia sign cooperation agreement
(Posted on 29/07/21)International Maritime Industries (IMI), the largest maritime yard in the Middle East and North Africa... Read more
Ocean Technologies helps seafarers minimise distractions
(Posted on 26/07/21)Distractions are recognised as one of the biggest causes of human error resulting in incidents, accidents... Read more
The BMA recognises first mental health training course
(Posted on 26/07/21)The Bahamas Maritime Authority (BMA) has announced that it has recognised the Seafarer Mental Health... Read more
ClassNK grants innovation endorsement Tsuneishi
(Posted on 20/07/21)Leading Classification Society ClassNK granted its first Innovation Endorsement “Provider Certification... Read more
Jamaica’s successful women can serve as an example
(Posted on 20/07/21)World shipping can learn a lot from Jamaica when it comes to equality in the maritime workplace because... Read more
DNV verifies Survitec’s new firefighting foam tests
(Posted on 15/07/21)Classification society DNV has issued a verification statement allowing global survival technology specialist... Read more
METIS contributes digital expertise to EU sustainability project
(Posted on 15/07/21)METIS Cyberspace Technology is contributing to an EU-backed project that will test clean energy solutions... Read more
Wärtsilä launches major carbon-free solutions test programme
(Posted on 15/07/21)The technology group Wärtsilä continues to lead the ongoing transformation of the energy and... Read more
