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Facing up to the real cost of P&I

Facing up to the real cost of P&I. Douglas Jacobsohn CEO. Real premium cost. Balanced technical result shows whether members are meeting the real cost Reliance on investment income hides the real cost Capital injections might only have temporarily effects. Real claims cost.

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Facing up to the real cost of P&I

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  1. Facing up to the real costof P&I Douglas Jacobsohn CEO

  2. Real premium cost • Balanced technical result shows whether members are meeting the real cost • Reliance on investment income hides the real cost • Capital injections might only have temporarily effects

  3. Real claims cost • Increasing legal exposure • Conventions • Claims environment tougher • Environmental sensitivity • every drop of oil has to be cleaned up • every wreck has to be removed

  4. Increased liabilities are here to stay • real claims costs will increase • higher P&I costs inevitable – cannot take it for granted investments will carry the burden

  5. Real running cost • Litigation & dispute resolution is core activity • High cost exercise so efficiency essential • Focus on costs

  6. Mutuality • Foundation of mutuality – unchanged • Change in ways of achieving this • Maximising use of modern data systems • Accurate pricing models • Running club as a business – supports the underlying principle of mutuality • Transparency

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