The level of paid and outstanding claims for the London Club for the 2001-2002 policy year is running some 20% less than for 2000-2001.
Chairman of the London Club, John Lyras, also noted that the premium achieved at the February 2002 renewal represented a "considerable step forward to bringing the club's finances back into balance". In addition, the premium maintained a stable supplementary call record, he said.
"It was with great pride," said Lyras, "that I was able to report that the club achieved its general increase with some margin to spare, which is a tribute to the loyalty of its members and to the faith which those members have in the club and its management."
Lyras also said he hoped an accord could be reached between the International Group and its reinsurance providers "without individual clubs feeling the need to buy additional cover for their own account. That way simply undermines one of the pillars of mutuality supporting the International Group."
