Another loss is in prospect for the Shipowners’ Mutual Strike Insurance Association with the deficit set to be covered from reserves.
The loss is expected to run to $2.7m, so could take a more than 10% bite out of a relatively modest free reserve, which amounted to about $27m at the beginning of the 2017 year.
The deficit, based on unaudited figures for the policy year ending 31 January, was disclosed in a circular to members which indicates "calls", or the cost of cover for the policy years since 2016, should not be affected.
