The London P&I Club has reported a fall in claims for the 2002 policy year.
Following its 2002/2003 financial review, the club reported that as at 20 February 2003, claims for the 2002 policy year were 10% lower than the 2001 year and 30% lower than the 2000 year.
It also reported that its free reserves increased to $82.7m (£51m).
In the report the Club said that its 25% increase in advance call rates achieved for 2003 has been designed to maintain its record of consistent supplementary calls, which had been stable for over a decade, despite the
challenging conditions for the P&I industry in recent years.
