The fleet covered by the Hellenic Mutual War Risks Association has passed the $100bn insured value mark for the first time.

The club, which provides cover for more than 2,600 vessels, accounting for three quarters of Greek-owned tonnage, cut annual premiums by 10% at the New Year renewal.

The reduction is below the 30% for 2017, savings of 20% in both 2016 and 2015 and a 45% cut in 2014 — but there is a limit to quite how low premiums can go.