UK based Steamship Mutual recorded a technical underwriting loss in its latest policy year because of an increase in claims.
Its combined ratio, which indicates its underwriting performance, was 116% in the year to 20 February 2019, compared to 101% in the previous year.
A combined ratio above 100% indicates claims costs exceeded premium income and expenses.
“Increasing levels of claims from members and from the International Group pool are reflected in a combined ratio of 116%,” Steamship Mutual said in its earnings statement.
