With publication of the first six interim results for members of the International Group of P&I Clubs we are looking at Free Reserves increased by about $ 460 million. It looks likely therefore that by the time the year is complete, the Clubs could have aggregate Free Reserves of in excess of $ 3.75 billion, heading for $ 4 billion.
Now we all recognise that, in this world driven by an ever increasing compensation culture, a strong capital base is important, but what do shipowners feel about this much of their capital being locked up in their insurers pockets? How will they feel if, in October, they again face the prospect of further premium increases?
I throw this open for comment