IG of P&I Clubs issue Annual Review

Key facts & actions on large casualties, MLC, places of refuge, Nairobi Conv

The International Group of P&I Clubs issued its Annual Review which includes summaries of the work carried out by a number of its Sub-Committees and Working Groups on a range of issues, such as the review of large casualties, places of refuge and the Maritime Labour Convention.

IG Key Facts

Total entered tonnage in the Group Clubs continues to grow – 1.047 billion GT as at August 2014
The world merchant fleet grew by 3.6% during 2014 to just under 89,500 vessels.
In 2014, global seaborne trade grew by approximately 3.4% year-on-year to 10.5 billion tonnes.
91 reinsurers worldwide participate on the 2015/16 Group General Excess Loss and Collective Overspill reinsurance programme.
In excess of 32% of the entire Group Reinsurance programme is written through Lloyd’s
The LLMC 1996 Protocol liability limits will increase by 51% from 8th June 2015
Fifteen claims have been notified to the Group pool for 2014/15 (2013/14 25 claims).
In July 2014, the COSTA CONCORDIA was successfully re-floated and towed to Northern Italy for demolition.

“The strength of the Group system lies not only in the unparalleled limits and range of cover which it is able to deliver for shipowners and for third parties, but also in the collective expertise in legal, insurance and technical matters that it brings together through its established subcommittees and working groups” stated Grantley Berkeley, Chairman IG P&I Clubs.

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“2014 saw continuing widespread interest in the on-going operations to remove the wreck of the COSTA CONCORDIA. Hopefully however, with the wreck safely re-floated, and towed to Northern Italy for scrapping, the response phase of this tragic incident is now drawing to a close. Work continues on the remediation of the stranding site, and in dealing with outstanding third party claims. There will, however, be valuable experience to be gained, and important lessons to be learned, from this incident which will be the subject of a detailed review within the Large Casualty working group during 2015.” Commented Andrew Bardot, Executive Office, IG P&I Clubs

You may read the Annual Report by clicking below