The West P&I Club is pleased to announce a strong financial performance for the 2023-24 financial year, achieving a 94.5% combined ratio. This is the third year in a row of improvement, a result which represents the Club’s best combined ratio since 2017, and one that is significantly ahead of the recent International Group combined ratio average of 114%.

An underwriting surplus of USD 15 million was reported for the 2023-24 financial year. Incurred costs for its own Members' claims of USD 112 million is on average USD 20 million lower than the 2020–2022 policy years. Our pool share for the 2023 Policy Year remained low at 6.56% and the cost of claims from other International Group clubs was also relatively benign for the second consecutive year.

Gross earned premiums were USD 326 million for 2023-24, representing an increase of USD 32.4 million from last year. Our successful renewal in February 2023, which saw the Club’s premium exceed USD 300 million for the first time, underpinned this good performance. High retention rates and continued support from existing Members saw premiums increase across all of our business lines. Each of the Club’s core products – Mutual, Charterers and Fixed cover – all contributed to the positive result.

Tom Bowsher (Group CEO) commented: “When I presented our year-end results 12 months ago, I spoke about West looking forward with confidence, building upon our recent successes, and with the aim for the coming year of further strengthening the Club’s capital. We have exceeded our expectations in this regard with the financial results again showing strong progress against every measure we evaluate ourselves upon,”.

“Our Fixed, Chartering and Defence products now generate approximately USD 70 million of gross premium per annum. West Hull exceeded our premium targets in its first year and the recent launch of our Piracy Protection product is receiving significant support from our Members and the wider market. Together with West War, and the products and services offered by our partners at Nordic Marine Insurance, Qwest and Astaara, we can cater to all the needs of our Members,”.