The rate rise was agreed by Gard’s shipowner directors despite a $46m half year surplus that lifts Gard’s free reserve above $1bn.
The Norway based marine mutual reports an 84% net combined ratio indicating strong underwriting profitability.
There was however a 0.7% investment loss.
Gard has a long term strategy of subsidising the cost of P&I cover for its shipowner members from the profit earned by its commercial hull and offshore energy insurance business.
But
