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Directors' Report and Financial Statements

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Directors' Report and Financial Statements DIRECTORS’ REPORT AND FINANCIAL STATEMENTS for the year to 20 February 2017 Highlights Combined83 ratio 215 Total comprehensive income PER CENT, ETC BASIS USD MILLIONS, ETC BASIS 824 Equity Gross written premium 1135 USD MILLIONS, ETC BASIS USD MILLIONS 3.0 Assets USD BILLIONS 2 FIVE YEAR COMPARISON 2013 2014 2015 2016 2017 Gross written premium USD millions, ETC basis 884 959 991 911 824 Total comprehensive income USD millions, ETC basis 98 89 87 86 215 Combined ratio Per cent, ETC basis 101 97 88 83 83 Equity USD millions 875 919 960 1,010 1,135 Assets USD billions 2.6 2.7 2.7 3.0 3.0 Gard Directors’ Report and Financial Statements 2017 3 CHAIRMAN’S STATEMENT It is likely that history will look back on 2016 that weak investments are weighing on the and building an efficient global organisation. as an extraordinary year. On the political medium-term prospects of many emerging The CEO’s Operational Review outlines world stage, the unexpected happened markets and developing economies. With a Gard’s achievements for each of these in the and economically the maritime industries new US administration with strong views on last 12 months. had a record-breaking year – but not in the trade but, as yet, no explicit actions, and the desired way. Against this background, I am UK embarking on an untrodden path to exit The insurance industry faces its own pleased to report that Gard has produced an existing trading bloc, there is heightened challenges and over the last several years strong results for the year with a USD 215 policy uncertainty in major economies. has experienced significant change. Market million total comprehensive income. This conditions for casualty insurers have allows the association to waive the Deferred The anti-trade rhetoric is also being deteriorated significantly during the last 12 Call, reducing the premium cost for mutual accompanied by a growing number of months and pricing remains under severe members with USD 90 million. countries introducing protectionist measures. pressure. The investment environment is According to the World Trade Organization, volatile and we must be prepared for periods This result has come from a combination of an between May and October 2016, G20 of negative returns. Some believe that the efficient organisation to provide the required economies introduced new protectionist answer to cope better with these challenges marine insurance products cost effectively trade measures faster than at any time since is consolidation. and the maintenance of a clear focus on the financial crisis in 2008. Some economists quality of service. The result is also a reflection believe that this creeping protectionism has Despite a few attempts, the P&I market has of the high operational standards and quality reached a point where it is contributing to remained immune to M&A activity, so far. of the Gard membership and the related low the ongoing slowdown in global trade. It is However, the property & casualty market has claims. For the first time in the recent history, definitely something that we are also noticing not and competitors in the marine and energy the Club’s strong capital position allows us to as a global insurance provider – with access to sectors have been part of this trend. Gard’s reduce the cost of insurance to our mutual certain markets becoming more challenging. position is that we have the necessary scale Members by waiving the deferred call in its to provide the marine insurance products the entirety – this equates to a 25 per cent rebate At times such as these, predicting the future market requires cost effectively in locations on the expected costs, all to the benefit of is only for the brave. The role of Gard is to where customers are active and trade is our Members. help keep world trade moving – through lulls taking place, as well as having the stability in activity as well as during busier periods. and capabilities that Members and customers A record breaking year Everyone in the organisation, from the Board rely upon. It enables us to offer a stable rate A review of the key events for the maritime downwards, is alive to the challenges faced by environment, provide industry leadership and and offshore industries in 2016 makes for Members and customers in the current cycle attract the expertise and talent that we need to rather gloomier reading than the Gard and is looking at what support the group can handle the largest and most challenging claims results. The Baltic Dry Index fell to an all-time provide – be that in providing cost effective low of 291, the container market had its marine insurance solutions or being able to Responding to external change first major corporate casualty for 30 years help cashflow in the event of a casualty. Both government and society increasingly in Hanjin, shipyards recorded a historically demand that businesses provide greater levels low level of newbuilds with fewer than 500 The right scale to respond of transparency and a proper knowledge of its orders reported in 2016 and the price of Short term developments in the external customers. As part of this, we wish to ensure oil briefly dipped below USD 30 a barrel. environment need monitoring and that remuneration payments to brokers, and Fortunately, we are now seeing some signs of consideration, but Gard takes a long-term other intermediaries, are wholly transparent improvements in the shipping markets. view on the business of assuming and and meet best practice standards. We require managing risk. Our strategy focusses on three full clarity among everyone involved. New While the World Bank predicts a moderate key strands of activity; maintaining financial processes were introduced well in advance economic recovery for 2017, they also say strength, developing our market position Gard Directors’ Report and Financial Statements 2017 4 CHAIRMAN’S STATEMENT continued of the 2017 renewal, and this policy of the event of future 1992 CLC/1992 IOPC what sets us apart. I would like to thank the knowing our customers better will be Fund incidents. management and staff for their dedication something on which we will continue to focus and commitment in managing Gard. I would in the coming months. Pulling in the same direction also like to thank the Boards and Committees In what are challenging times for many, being for their important contributions during A year ago, the lack of firm assurance on able to report on the continued success the year. A special thanks also to Tadeusz whether or not the IOPC would step up and and positive developments at Gard, both Niszczota, who is leaving our board this meet its share of any liabilities arising from financially and operationally is good news for summer, for his active contribution to the casualties under internationally agreed liability everyone involved with the group. Even more Board, Committees and subsidiaries for many regimes was a matter of grave concern for encouragingly, there is no sense that the years. I very much look forward to continuing the clubs. This system – which had worked organisation is resting on its achievements my work with all of you in the coming year. very well for many years was at risk because of but rather continuing to progress through the decision by the IOPC 1971 Fund to wind solid team work, a strong business itself up – despite there being outstanding performance, productive financial and human claims against it. We were very pleased that capital and above all, a robust knowledge at the end of 2016, eight years of negotiations base and a willingness to adapt to change. between the International Group of P&I Clubs Bengt Hermelin and the IOPC Fund were successfully brought Still we must always be on guard against Chairman to a close with an agreement on the funding complacency. We have survived and of interim payments. This set out the basis prospered in a world of turbulence and on which individual Group Clubs and the volatility, and it is important that we preserve 1992 IOPC Fund will agree to treat interim and improve upon the characteristics that payments made by the two paying parties in have made Gard what it is today – and Gard Directors’ Report and Financial Statements 2017 5 CEO’S OPERATIONAL REVIEW The financial year ending 20 February 2017 Knowing where you stand On your side has delivered exceptional results for the Gard Undoubtedly this is a very difficult trading Helping to see the whole risk picture group – with a combined ratio net of 83 per period for those in the marine industries. underpins both our product portfolio and cent and a total comprehensive income of of It is unsurprising that shipowners and our approach to handling claims – we USD 215 million on an Estimate Total Call (ETC) operators are looking carefully at their costs understand your perspective and see the basis. Although the group’s income declined – managing their bottom line is vital. More world through your eyes. Buyers tend not by nine per cent, primarily due to a continued business critical, however, is dealing with the to think about products, they think about softening market and lower demand in some consequences of a catastrophe – both in their overall risk profile. Our objective is to segments, the results benefited from a fall terms of cashflow and ongoing operations. ensure our products and services are client both in the frequency and severity in claims At times such as these, a proper partnership and broker driven, and that we provide the activity. is critical – working with an insurer who can fullest possible service across the group. deliver prompt payment and the capabilities We achieved another good underwriting The non-technical result was a profit of USD to get the business back on track.
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