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Japan Club

Japan Shipowners' Mutual P&I Association
2-15-14 Nihonbashi-Ningyocho, Chuoh-ku, Tokyo 103-0013, Japan
piclub.or.jp t +81 33 662 7401

2017 report overview

  • The Board decided to reduce the supplementary call for the 2015 policy year from 40% to 30% and so are returning the balance of approximately JPY 1,700 million for Members with owned entries
  • The free reserves stand at JPY 23,383 million, an increase of JPY 2,297 from last year

2017 full report

Aon’s comment

A good underwriting result has seen Free Reserves increase. The club continues to expand its footprint outside of Japan and no doubt further performance as last year, will see that bear fruit. An A rating would of course help immensely.

Free Reserves against premium income are at 82.70%.

Entered GT by vessel type

Entered GT by vessel type
Number of ships (owned entries only)
2016 2015 2014
2,323 2,372 2,356
Total owned entered GT
2016 2015 2014
89,566,019 90,547,803 89,311,735
Total chartered GT
2016 2015 2014
12,452,730 11,790,009 11,362,017

Entered GT by region

Entered GT by region

Income Statement (year ending February) USD 000s

  2016 2015
Income Calls and premiums 226,280 233,086
Excess Calls 0 0
Reinsurance Premiums -59,229 -55,257
Total Income 167,051 177,829
Expenditure Net claims incurred -125,416 -155,635
Net operating expenses -26,477 -16,546
Total expenditure -151,893 -172,181
Underwriting result pre investment/other financial income and tax 15,158 5,648
Investment/other financial income -11,782 43,428
Tax/interest charged 391 -12,198
Overall result 3,767 36,878
Free reserves 187,130 172,369

Breakdown of investment by type

Breakdown of investment by type
S&P Rating Current Rating Jul-16
Rating BBB+ BBB+
Outlook Stable Stable
Type of rating Interactive Interactive
Policy Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
General Increase % 10.0 20.0 12.5 12.5 10.0 3.0 5.0 7.5 3.0 0.0
Supplementary Call Record % 30/30 40/40 40/50 40/40 40/40 40/40 40/20 40/30 40/40 40/40

Release Call Percentage - as at February 2017

2014 2015 2016 2017
5% 15% 45% 45%